The amount you should spend on a mortgage per month depends on a variety of factors, including your income, debt-to-income ratio, credit score, down payment amount, interest rate, and the cost of the property you are interested in purchasing.
As a general rule of thumb, your total monthly housing expenses, including your mortgage payment, property taxes, and homeowners insurance, should not exceed 28% to 36% of your gross monthly income. However, this is just a rough guideline, and your unique financial situation and goals should be taken into account.
It's important to work with a reputable lender or financial advisor to determine how much you can afford to spend on a mortgage per month based on your specific financial situation. They can help you calculate your debt-to-income ratio and determine what your monthly mortgage payment should be.
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