Knowing what you can afford to borrow is essential to proper planning. Use the housing Affordability Calculator* to determine your borrowing limits. Then, review the various mortgage types to get the best mix of rate, term, risk, and flexibility.
In planning the financing of your home, a good guide is to allocate no more than 28% of your gross monthly income to housing, including mortgage (principal and interest), taxes, and insurance. Most lenders consider 36% of your gross monthly income to be the absolute maximum amount for these obligations plus long-term debt.
