How much mortgage can i get on my salary?

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Kameron Jacobi asked a question: How much mortgage can i get on my salary?
Asked By: Kameron Jacobi
Date created: Thu, May 20, 2021 7:12 AM
Date updated: Thu, Jun 23, 2022 7:56 PM

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Top best answers to the question «How much mortgage can i get on my salary»

Most mortgage lenders will consider lending 4 or 4.5 times a borrower's income, so long as you meet their affordability criteria. In some cases, you could find lenders willing to go up to 5 times income. In a few exceptional cases, you might be able to borrow as much as 6 or 7 times your income.

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For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6000, then your debt-to-income ratio is 33 percent ($2000 is 33% of $6000).

Affordability Calculator. You can afford a home up to: $499,960. Monthly payment: $2,250. Debt-to-income ratio 36%. Affordable. Stretching. Aggressive. *Debt-to-income affects how much you can borrow. The debt-to-income ratio (DTI) is your minimum monthly debt divided by your gross monthly income.

Monthly payment consists of the following details: Monthly Principal and Interest $0. Private Mortgage Insurance (PMI) $0. Property Taxes $0. Homeowner's Insurance $0. Your Total Monthly Payment $0. These figures are for estimation purposes only, as PMI, taxes, and homeowners insurance vary by county. The exact amount you can afford will be ...

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