How much interest will I pay over the lifetime of my home loan?

You may pay $69,000–114,000 in interest over the lifetime of your home loan. The exact number depends on the interest rate at the time you get the loan, the size of the loan, down payment, and the length and type of loan.

What credit score do I need to qualify for a mortgage?

In most cases, you'll need a FICO score of at least 620 to qualify for a conventional loan. You may be able to qualify for certain government-backed loans with a credit score of 580.

Should I get a 30-year or 15-year mortgage loan?

It depends on your situation. With a 30-year mortgage, you'll have lower monthly payments, which can help with your cash flow. If you get a 15-year mortgage, you'll pay less interest over the lifetime of the loan. Both are viable options, though 30-year mortgage loans are more common.

What’s the rule of thumb for how much house I can afford?

Follow the 28/36 rule. Don't spend more than 28% (or $1,633 on a $70k income) of your monthly income on a house payment. And spend less than 36% (or $2,100 on a $70k income) of your monthly income on your total debt.

How much of a house payment can I afford on a $70k income?

If you have between $0–450 in monthly debt payments, excluding your mortgage, you can spend up to $1,633 on a house payment. If your monthly debt is higher than $450, you should aim for a lower monthly payment.

How much mortgage can I qualify for on a $70k income?

On a $70,000 income, you'll probably qualify for a home loan between $250,000–400,000. The exact number will vary depending on your lender, the area you live in, and how much debt you have.

Michael Warford

Writer

Michael Warford is a Content Writer at Clever Real Estate, the nation's leading real estate education platform for home buyers, sellers, and investors.

Prior to joining Clever, Michael worked as a freelance writer for a variety of digital and print publications, including Homes & Land Magazine Edmonton and Yellow Pages Canada. He was also the Assistant Manager of Content Production at Higher Education Marketing in Montreal, where he developed content for leading colleges and universities.

He studied English at Concordia University in Montreal where he received a B.A. and M.A.

When not writing, Michael enjoys reading, drawing, traveling, and exploring Montreal's neighborhoods and cafes.