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How much home can I afford?

A Synovus Mortgage Loan Professional will use the financial information you provide to estimate the maximum mortgage you should be able to obtain. The process doesn’t guarantee that your mortgage application will be approved, but it does help you narrow your search to homes you can afford.

Your monthly house payment should typically be around 28% to 30% of your total monthly gross income (how much you make before taxes). Your total monthly debt, which includes your mortgage, as well as your debts (e.g., car payment, credit cards and loans), should not be more than 38% of your gross income. 

To find out how much house you can afford, you should consider your home’s carrying charges as well as your savings, your salary, your debts, and your spending habits.

*Your house payment is your basic monthly mortgage payment, consisting of principal, interest, real estate taxes and hazard (homeowner’s) insurance. Your house payment may also include mortgage insurance and/or an association fee if required.