re: Help determining how much mortgage I can afford

This calculator is very, very simple to use. It's almost abacus like. It's my secret weapon I used for year's with customers.

Dr. Karl's Mortgage Calculator

My wife and I work and combined we're around $80K/year. I'm the bigger earner and the "typical" theory I used to give to clients was to triple your annual household income and that was the MAX you could afford.

For me that would be $240K and I can assure you I'm not touching that much housenote with a 50 foot pole. My wife and I are childless with a Chihuahua so we bought a small garden home.

We paid $144K for it and with a 3.625% 30 year fixed rate USDA Rural Development Loan, PITI is $804/month. Because we are over 80% LTV, this includes a small amount of Mortgage Insurance (or MI). It will reduce by $2/year until we reach 80% through appreciation or paying it down.

The rates are right around the same amount we paid, and she and I are both on the mortgage, the note, the title, etc.

You are a little different because your girlfriend isn't going to be on the note, the mortgage, title, etc. So your income will be smaller, but you are closer to my home's purchase price.

So keep my numbers in mind as you'll be somewhere in that neighborhood from a monthly note standpoint.

Best of luck.