How much house can I afford?
How much house you can afford depends on your income, debts, down payment, and current mortgage rates. Most lenders use a debt to income ratio, typically looking for your total monthly debts including the new mortgage to stay under a certain percentage of your gross income. The exact amount varies by loan program and lender guidelines. Property taxes, insurance, and HOA fees also factor into your monthly payment. It's important to consider not just what you qualify for but what feels comfortable for your budget and lifestyle. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.
Want the current number?
The site assistant can pull today's mortgage rates right now from the site's own data feeds and tell you the source and date. It is automated, and Jon reads every conversation that leaves contact details.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on affordability and budgeting
- How much should I budget for maintenance and repairs each year?
- Should I pay off my car loan or student loans before buying a house?
- How much should I save besides the down payment?
- What will my total monthly payment be with taxes, insurance, HOA and PMI?
- What are typical utility costs in Phoenix for electric, water, gas and trash?
- What is a good debt-to-income ratio for a mortgage?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.