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Figuring out how much to spend on a property depends on many factors:

•    First of all, your down payment will determine the amount of the loan you’ll need, and this will affect the size and duration of your mortgage payments.
•    You should determine your current living and other expenses to help you figure out the mortgage payments you can comfortably afford.
•    The general rule is that your monthly expenses shouldn’t be more than a third of your household income (this includes mortgage, tax and utilities), and your total debt load (for example including student loans, credit cards, car payments) should not exceed 40% of your income.
•    There are many handy calculators online to help you figure out how much you can afford.

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