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How much home can I afford?
It's the first question that matters, and the honest answer comes from your own numbers: income, monthly debts, down payment, and today's rates. Run them below. As a rule of thumb, lenders want your full housing payment (with taxes and insurance) under roughly a third of your gross income, and your housing payment plus other debts under about 43% to 50% depending on the loan program.
One caution from people who do this all day: the number a lender will approve and the number that lets you sleep are not always the same. Use the calculator for the range, then let a local loan advisor pressure-test it against real pricing and your actual plans.
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Affordability: your questions, answered
How much home can I afford on my salary?
A common starting point is that your total monthly housing cost (principal, interest, taxes, insurance, and any mortgage insurance or HOA dues) should stay under roughly 28% to 36% of your gross monthly income, with all debts combined staying under about 43% to 50% depending on the program. The calculator on this page turns those ratios into a price range for your actual numbers.
What's the difference between what I qualify for and what I should spend?
Lenders qualify you on ratios; life runs on cash flow. Underwriting doesn't see your daycare bill, your car about to die, or your plan to change jobs. We routinely tell clients their comfortable number is below their maximum approval, and we'd rather you keep a savings cushion than max the ratio.
How does my down payment change what I can afford?
A bigger down payment lowers the loan amount, can remove mortgage insurance at 20% on conventional loans, and can improve your rate. But down payment assistance and low-down programs (3% conventional, 3.5% FHA, 0% VA and USDA) mean you don't need 20% to buy. It shifts the calculation; it doesn't gatekeep it.
Do property taxes and insurance count against affordability?
Yes, fully. Lenders qualify you on the complete monthly payment including taxes, homeowners insurance, and mortgage insurance where it applies. In Michigan, watch for the property tax jump after a sale 'uncaps' the taxable value; we factor the post-sale number, not the seller's current bill.
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