Include salary, bonuses, and other regular income
Car loans, credit cards, personal loans, etc.
Cash available for down payment
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Spend no more than 28% of gross income on housing expenses and no more than 36% on total debt payments. This helps ensure you can comfortably afford your mortgage payments.
Consider maintenance, utilities, HOA fees, and moving costs. Budget 1-3% of home value annually for maintenance and keep emergency funds for unexpected repairs.
Larger down payments reduce monthly payments and may eliminate PMI. However, don't exhaust all savings - maintain emergency funds for at least 3-6 months of expenses.