Mortgage Payment depends on your INCOME

Mortgage Payment depends on your INCOME

•  Knowing you want to buy a home is one thing; knowing how much of a mortgage payment you can handle is quite another. So how do you pinpoint a house where the monthly mortgage payment is financially within your reach, and one that won’t drive you deep into debt? 
• Getting a ballpark estimate of how much house you can afford starts with looking at your income, or how much money you’re pulling in.
• The general rule of thumb is that you can purchase a home that costs two or three times your annual income. 
• So if you’re earning $80,000 per year (and you have a reasonable amount of job security and don’t expect wild fluctuations in your income anytime soon), you can afford a house up to three times that, or $240,000.
• That said, income isn’t everything, and this is just a ballpark figure to get you started