How can I calculate my affordability for a new home?
An example of an AI chatbot conversation about calculating home affordability.
How can I calculate my affordability for a new home?
To calculate your home affordability, consider your income, debts, and down payment. Would you like to go through the details?
Sure! What percentage of my income should I spend on a mortgage?
A common guideline is to spend no more than 28-30% of your gross monthly income on housing costs.
What if I have other debts? How does that affect my affordability?
Good question! Lenders typically use a debt-to-income ratio, which should ideally be below 36%. This includes all your debts.
Can you help me calculate my maximum mortgage amount?
Absolutely! Please provide your monthly income, total monthly debts, and how much you can put down as a down payment.
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