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Mortgage lenders say that a mortgage payment should not exceed 31percent of an applicant’s gross monthly income. To figure your mortgage front-end ratio, multiply your annual salary by 0.31 and.
Zillow’s Home Affordability Calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.
Mortgage Rule of Thumb The most important factor that lenders use as a rule of thumb for how much you can borrow is your debt-to-income ratio, which determines how much of your income is needed to pay your debt obligations, such as your mortgage, your credit card payments, and your student loans.
Typically, lenders cap the mortgage at 28 percent of your monthly income. To determine your front-end ratio, multiply your annual income by 0.28, then divide that total by 12 for your maximum monthly mortgage payment. Some loan programs place more emphasis on the back-end ratio than the front-end ratio.
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As a rule of thumb, mortgage lenders don’t want to see you spending more than 36 percent of your monthly pre-tax income on debt payments or other obligations, including the mortgage you are seeking. That’s the general rule, though they may go to 41 percent or higher for a borrower with good or excellent credit.
Now, divide your debt ($1,635) by your gross monthly income (,000). 1,635 4,000 = .40875. By rounding up, your DTI is 41 percent. If you get rid of the $85 monthly credit card payment, for.
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When you apply for a mortgage loan, your lender will rely on your gross monthly income to determine how many mortgage dollars to lend to you. This doesn’t mean, though, that you should rely on gross income to determine how much of a house payment you can comfortably afford each month.
To that end, your monthly payments on any non-mortgage debts are a vital piece of the puzzle. Mortgage underwriting standards vary by bank and mortgage program, but all lenders will evaluate your.
Estimate the home price you can afford by inputting your monthly income, expenses and specified mortgage rate. Adjust the loan terms from 15-, 20- and 30-year mortgages and see your estimated home price, loan amount, down payment and monthly payments change. Update your inputs and find the mortgage you can afford with our affordability calculator.
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To calculate your debt-to-income ratio, add up all of your monthly debts – rent or mortgage payments, student loans, personal loans, auto loans, credit card payments, child support, alimony, etc.