Affordable Home Purchase Data Maximum allowable monthly housing expenditure (%) 28% of monthly gross income Maximum total affordable monthly debt payments (%) Down payment (%) 36% of monthly gross income 20% Total monthly gross income Nonmortgage housing expenses Monthly installment debt Monthly payment per $1,000 mortgage Model Allowable monthly housing expenditure Nonmortgage housing expenses Affordable monthly mortgage payment (based on housing expenses only) Total affordable monthly debt payments Nonmortgage housing expenses Monthly installment debt Remaining affordable monthly debt payments Affordable monthly mortgage payment Affordable total mortgage Maximum home price $6,500 $350 $500 $7.25