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This is a question that has two legitimate answers - yours, and the lender's.

Both answers are payment driven.

The lender's answer will be based upon income and credit expense ratios. Your answer will be based upon how important your home is to you and your family, and how much you are willing to allow home ownership to affect your lifestyle.

In reality, the lower answer between yours and the lender's, is probably the correct answer.

This series walks you through the steps needed to calculate just how much you can afford.