Determining how much mortgage you can afford depends on various factors, such as your income, debt-to-income ratio, credit score, down payment amount, and interest rate. As a general rule of thumb, most lenders use a debt-to-income ratio of 43% or less as the maximum limit for borrowers. This means that your total monthly debt payments, including your mortgage payment, should not exceed 43% of your gross monthly income.
Assuming that you have no other debts and a credit score of at least 700, with an $80,000 salary, you may be able to afford a mortgage payment of around $1,867 per month, based on a debt-to-income ratio of 43%. However, keep in mind that this is just a rough estimate and that you should always consult with a lender or financial advisor to determine your actual affordability.
Additionally, other factors such as the down payment and interest rate can impact your monthly mortgage payment, so it's important to factor those into your calculations as well.
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