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MONTHLY PAYMENT
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Calculating your monthly home loan payment is a key element in determining how much home loan you can afford. Use mymoneykarma free home loan calculator to estimate your monthly payment.
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Location matters. Affordability varies based on your city as property taxes and interest may differ depending on the city.
Rule of thumb: 36% of your pre-tax income should go towards settling debt. The ideal breakdown is 28% toward your home loan and 8% toward debts (other loans and credit cards)
Aim for a down payment of at least 20% of your home’s purchase price.
