See what monthly housing payment fits your budget, using the same 28% and 36% guidelines lenders use.
*Leave rent at $0 unless you plan to keep renting or keep your current home after you buy. Do not include your current rent or the new mortgage here.
The 28% rule: lenders generally like your total housing payment (mortgage, property taxes, homeowners insurance, HOA and PMI) to stay at or under 28% of your gross monthly income.
The 36% rule: your housing payment plus all other monthly debts (car loans, student loans, credit cards and so on) should generally stay at or under 36% of your gross monthly income.
The lower of the two is a smart starting point for your budget. We can connect you with a trusted lender to get pre-approved with your real numbers.
Real estate team at RE/MAX Fine Properties, serving the greater Austin area and beyond.