# How Much Morgage Can I Afford

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If you earn \$56,516, the average household income, you can afford \$1,695 in total monthly payments, according to the 36% rule. The rule, which measures your debt relative to your income, is used by lenders to evaluate how much you can afford.

If your purchase price is between \$500,000 and \$1,000,000, your minimum down payment is 5% of the first \$500,000 and 10% of the price between \$500,000 and \$1,000,000. If your purchase price is \$1,000,000 or more, your minimum down payment is 20%.

How much mortgage can I afford? Use the TD Mortgage Affordability Calculator to determine a comfortable mortgage loan and price range for your new home. Simple calculations can help you determine your mortgage affordability and other costs. Discover how TD can help you find the right home for you.

How did Research Maniacs calculate how much house you can afford if you make \$100,000? Research Maniacs checked with different financial institutions and found that most mortgage lenders do not allow more than 36 percent of a gross income of \$100,000 to cover the total cost of debt payment(s), insurance, and property tax.

Q: We’ve been married for a few years and want to buy a home of our own before we start a family. We’ve narrowed down the areas where we could see ourselves living and have gone to a few open houses.

You must have at least 5% for a down payment if the home purchase price is less than \$500,000. If the home purchase price is between \$500,000 and \$999,999.99, you must have at least 5% for the first \$500,000 and 10% for the remaining amount. For home prices \$1 million or over, the down payment must be 20%.

How Much Home can I Afford? How We Calculate it.. The average American household income is \$73,298, assuming you have no monthly debt payments you can afford a home priced at \$285,000 with a 3.5% (\$10,000) down payment for \$1,800 per month.

Uncover how much house you can really afford with our handy mortgage calculator Use our home affordability calculator to figure out how much you may be able to afford for a new home.

Wondering how much house you can afford? Prequalify for a home mortgage with Wells Fargo to find out how much you may be able to borrow! Find your price range and search for your dream home.

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