How Much Loan Can I Afford Based On Monthly Payment. Where you live while you pay off your student debt can make a difference. The calculator below will show you a ballpark figure for how much house you can afford based on your down payment amount and maximum house payment.
Calculate the price of a house you can buy and the mortgage you must take based on the monthly payments you can afford. If you earn 5000 a month that means your monthly house payment should be no more than 1250. Based on your DTI and depending on your other debts you could be approved for a mortgage of 600000.
You can find this by multiplying your income by 28 then dividing that by 100.
Add up your monthly debt. Add up your monthly debt. The length of your mortgage terms dictates in part how much youll pay each monththe longer your term the lower your monthly payment. This important number the monthly payment will inform you from the start if a cash down on the loan would be required on the transaction.