If you’re asking yourself that question, be warned, many people end up getting in way over their heads by taking on morgages that they don’t have the means to support. Equally, if you were to go up and ask different people, “Hey, how much morgage can I afford?” you’ll probably end up with different answers, and in the process become thoroughly confused.

Basically, it all comes down to a question of your personal income and expenditure. Now, if you’re earning a constant rate, and have some savings, then it shouldn’t be too hard to figure out the means within which you should operate.

In these cases, the answer to that pesky question of, “How much morgage can I afford?” would simply be a percentage of your income minus your expenditure. Some people make the mistake of trying to pay everything that is leftover from their income, but this means that there will be nothing left in case of emergencies.

By figuring out how much you can afford monthly while still having at least some left over to go into savings, you will be able to estimate the morgage that you can afford in the best way possible.

At core, the same principle would apply if you are without a steady monthly income; however it might be a lot harder to estimate a fixed monthly rate that is within your comfort zone. Therefore, if you find yourself in those shoes it may be necessary to ensure that you have enough of a bank balance to be able to deal with fluctuations in your income.

In short, the best answer to “How much morgage can I afford?” is “However much you have left over every month, minus some to go into savings.”