A typical
house payment should be around 28 percent to 30 percent of your total
monthly gross income. Your total monthly debt, which includes your
mortgage payment,
car loans, and credit cards, should comprise no more than 36 percent
to 40 percent of your gross annual income. However, these ratios can
increase, depending on the individual's credit and assets. We recommend
that you consult with a loan officer to discuss your options.
Use
our affordability calculator below to determine the house payment
you can afford. Some factors to take into consideration: interest
rate on the loan, term of your note, your property taxes, and your
annual insurance payment.
