A good starting point for answering this question lies in your monthly gross income. Experts vary in their statements but generally speaking, start with 28% of your gross monthly income. E.g., if you make $4000 a month, your mortgage, property taxes, homeowner’s insurance and PMI should be no more than $1120.
MoneyUnder30 has a detailed analysis including Dave Ramsey’s more conservative approach (namely he uses take home income not gross).
If you’re looking to buy, sell or rent in the Colorado Springs area, please give Rob a call at 719-440-6626!