When determining a realistic mortgage based on your salary, it is important to consider all aspects of the total monthly mortgage payment. Here are some key points to keep in mind when calculating what you can afford:
The rule of thumb is that your mortgage should be between 2x and 2.5x your gross income.
Your monthly payment will include principal, interest, taxes, and insurance (PITI).
It’s important to make sure you have a comfortable cushion in your budget for unexpected expenses, home repairs, and other costs.
Keep in mind that your down payment, credit score, and debt-to-income ratio will also impact your ability to qualify for a mortgage.
By taking all of these factors into account, you can determine a realistic mortgage payment that fits within your budget and allows you to achieve your home ownership goals.