If you are wondering, "How much money can I borrow?" The answer is, it all depends. Depending on your target monthly payment or annual income and a few other factors, this affordability calculator will tell you the price of the home you can afford and the amount of money you can borrow.
The affordability calculator is calculated based on the percentage of your income spent on monthly debt. Most lenders limit how much of your monthly income can pay debt such as mortgage payments, car loans, and student debt (this is called Debt-to-Income ratio). The conventional limit is 36% of your monthly income, but this could be higher for FHA loans. Your remaining income after debt and taxes should be enough to cover living expenses and savings goals. It is also wise to have cash set aside to pay for any large unexpected repairs or financial emergencies.
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