How much house can I afford?

this site usually works great just input your data

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How much house can I afford?

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Maybe change the question to “how much house won’t overextend me”

You don’t want to be too house poor your first few years in your medical career.

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I am a medical professional about to finish training. Currently beginning the home buying process. I am not very business savvy at baseline so I was wondering if there are any apps/websites out there that I can plug some basic info in to determine how much monthly mortgage I can afford?

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I wouldn't buy a house right now unless I could pay cash. Mortgage rates for a 30yr mortgage average 6%-7% and while existing home sale prices have begun to come down, we're just at the beginning of that cycle. We're not likely to ever see 2%-3% again, but I don't think it's outside the realm of possibility to think we could be back in 4%-5% within the next 2-3 years.

If you can hang tight for a year or two (use the time to stockpile cash for your down payment), I think you'll come out better off in the long run both on the price of the property and on the interest rate.

As others have said, buy below your means. Use caution in looking at online calculators or what websites will tell you b/c they will leave cash poor and house rich. I would shoot for 25% or less of monthly take home.

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would shoot for 25% or less of monthly take home.

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With other debt involved, 25% or less is ideal.

If no other debt is involved I would say 28-30% maybe even 35% would be ok. Especially if you get a great deal on a house in a great location.

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wouldn't buy a house right now unless I could pay cash. Mortgage rates for a 30yr mortgage average 6%-7% and while existing home sale prices have begun to come down, we're just at the beginning of that cycle. We're not likely to ever see 2%-3% again, but I don't think it's outside the realm of possibility to think we could be back in 4%-5% within the next 2-3 years.

If you can hang tight for a year or two (use the time to stockpile cash for your down payment), I think you'll come out better off in the long run both on the price of the property and on the interest rate.

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Interest rate shouldn't deter purchasing right now.

If rates go down, refinance.
If you expect rates to go down, take an ARM.

I agree that "expectations of pricing" should be a big factor in the timing of the purchase. Rushing out to buy a home that dips 15% in value is a kick in the gut (unless you were able to sell a home at the high to offset the loss).

Every market is unique. Location, location, location.
Don't assume values are going down because of what someone says on the internet. Do research and identify unique characteristics for the area that you are shopping.

its easy. Take your take home pay and multiply by 18%. that's so your mortgage and all the fees stays below 25% of your take home per month. If you make 150K a year combined household income you should buy a house less than 300k

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If you make 150K a year combined household income you should buy a house less than 300k

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This one’s gonna trigger some folks.

If you are going to have kids in daycare and or private school he is not wrong at all.