My take home pay is $2,500 every two weeks (26 pay periods per year). I have monthly expenses of $1,700. This doesn't include food, gas, utilities, etc. Just wondering how much house I should be able to afford. Any input is appreciated. Thanks!
There are a lot of variables that play into factoring how much you can afford and how much the bank will approve you for. I would say play with mortgage calculators to see how much you want to spend at a high interest rate (only because if you go with a high interest then you can expect to pay around that and be surprised if its lower). Im looking for a house around 125k max off a gross monthly of ~ 2500 and my DTI is around 15% currently meaning I'll have a max mortgage payment of around what my current rent is 800/month. Depending on the downpayment, points applied to mortgage, credit ratind, and DTI you should be able to afford close to double that depending on interest and how much you actually want to spend in a mortgage payment.
