The thing is, the loan officer is supposed to take your pay into account when determining whether you qualify for a loan. (Supposed to. During times like the years leading up to the Great Recession, they don't do their due diligence and will offer mortgages to your dog, but we're still in the recovery from a real estate crash, so it's probably safe to assume they're still being paranoid.) Your projected monthly payment should be equal to or below 25% of your net (take home) pay for a month in order for the bank to reasonably offer you the mortgage. That should include any escrow if the bank insists on handling (or you've decided to let them handle) your property taxes and insurance. If it's not, don't forget to factor those two into your "real" monthly payment.
-- Bob
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Then the horns kicked in...
...and my shoes began to squeak.
-- Bob
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Then the horns kicked in...
...and my shoes began to squeak.