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Gross Annual Income:
Credit Card Payments:
Other Debt Payments:
Based on the information provided, your GDS Ratio is and your TDS Ratio is .
*The calculation is based on the information you provide and is for illustrative and general information purposes only. This should not be relied upon as specific financial or other advice.
Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a variety of factors. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start by consulting an online calculator.
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A mortgage affordability calculator uses your income, debts and living expenses to determine how much money you can borrow to buy a home.
Using a mortgage affordability calculator is an important first step towards determining how much you can spend on a home. These calculators take your gross income, debts and other living expenses to calculate the maximum amount you can borrow as a mortgage. Together, your down payment and mortgage amount will give you an estimate of the maximum you can spend on a home. This, in turn, can help you decide if buying real estate makes sense financially. It can also help to narrow the search for your perfect home.
To ensure mortgage payments fit comfortably within your budget, you can also work to lower your monthly payments on the same mortgage amount.