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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.
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.