How much can I afford to borrow for a mortgage?

To determine how much you can afford to borrow for a mortgage, you should consider your income, expenses, and debt. Your debttoincome (DTI) ratio is an important factor in determining your mortgage affordability. Generally, lenders prefer a DTI ratio of 36% or less, meaning your monthly debt payments (including your mortgage payment) should be no more than 36% of your gross monthly income.

You should also consider your down payment amount, which can affect the size of your loan and your monthly payment. Generally, the larger the down payment, the smaller the loan and monthly payment.

It's important to note that while a lender may approve you for a certain amount, it's important to consider your own budget and what you can comfortably afford to pay each month.