One of the most important factors to consider when buying a new home is affordability. As a general rule, mortgage payments should not exceed 25-30 percent of your monthly take-home pay. The best way to know what you can afford is to determine the possible payment range by comparing the price of the home with other essential ingredients.
Figure Out How Much You Want To Borrow
Your first step to calculating your monthly mortgage payment is knowing how much you want to borrow. This can be determined by subtracting your down payment amount from the purchase price of the ho ...
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