Updated almost 4 years ago on . Most recent reply
Maximum Monthly Mortgage
I just started looking for my first property, a small multi family to house hack. To give myself a maximum price of what I can buy, I’ve been basing it off of the monthly mortgage that I’d prefer to stay at or under ($1600). I set this based off of, worst case scenario, if I had to pay it all, what am I ok with? I realize that I may be limiting myself to less desirable properties by not accepting a higher monthly mortgage. Am I right to manage the risk this way? Or am I being too conservative when realistically, I probably won’t have a situation where I have to pay the entire mortgage for too long. How do you calculate the maximum you can/want to afford?