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Uses 2026 average mortgage rates and standard lender guidelines
Most lenders want your monthly mortgage payment (P&I + taxes + insurance) to be no more than 28% of your gross monthly income. This is the "housing expense ratio."
Example: $80,000/year income = $6,667/month gross. 28% = $1,867 max housing payment.
Total monthly debt (mortgage + car + student loans + credit cards) should not exceed 36–43% of gross monthly income. Many lenders allow up to 43% for conventional loans.
Higher DTI = higher interest rate and stricter approval process.
Putting less than 20% down requires Private Mortgage Insurance (PMI), typically adding $80–$200/month until you reach 20% equity. A 20% down payment eliminates PMI and lowers your monthly payment significantly.
30-year fixed rates average around 6.8% in 2026. On a $350,000 loan, the difference between 6% and 7% interest is about $200/month or $72,000 over the life of the loan.