As far as you are already aware, in regards to your mortgage loan obligations, your gross monthly income should be distributed in the following fashion in order to qualify for this or that mortgage rate you are hunting for. Here it comes for you:

1. 28% of your total income (gross income is implied) can be spent on covering mortgage payments you have to make paying off your loan obligations.

2. 36% of your total income (gross income is implied), your different debts, other types of financial commitments and obligations should fit in this amount as well.

That’s the best way for you to calculate your maximum mortgage ceiling, the higher home mortgage loan price that you can afford currently. Use a simple mortgage calculator which can be easily downloaded online, and you will grasp the idea behind these calculations easily.

You should count how much you spend monthly on your house allowance, different bills (excluding utility bills though), etc. Then make your decisions and evaluations regarding your possible mortgage rate.