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What is the maximum mortgage payment I can afford?

Curious about Home Affordability

What is the maximum mortgage payment I can afford?

To determine the maximum mortgage payment you can afford, you need to consider several factors, such as your income, expenses, debts, and other financial obligations. A general rule of thumb is that your monthly housing expenses, including mortgage payments, property taxes, and insurance, should not exceed 28% of your gross monthly income. However, this is just a general guideline, and you should also consider other expenses and debts you have.

To get a more accurate idea of the maximum mortgage payment you can afford, you can use an online mortgage calculator or consult with a financial advisor. They can help you assess your financial situation and determine a realistic budget for your mortgage payments. It's important to ensure that you don't take on too much debt and that you have enough savings to cover unexpected expenses or emergencies.

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