The number people toss around is price. The number that actually lives with you is the payment after monthly property tax and escrow sit in it.
If you skip that, the “how much house” answer is a listing payment, not a Chicago payment.
Run the live tool before you tour. Mortgage calculator, Affordability tab → https://www.bankpricer.com/mortgage-calculator/?mode=affordability
What to put in
Income. Debts you already pay. Down payment you actually have. Do not use a BankPricer rate from this post. There isn’t one. Enter the quote on the table.
Monthly property tax is the part most national tools guess wrong. The live box is monthly property tax. Look up the parcel, or a nearby one, divide the annual bill by 12, and type that monthly number. Do not type the yearly bill. Do not use a made-up Chicago percent from a blog. Insurance too, if you have a monthly number.
This tab is a ceiling. Payment at a house you already picked is a different tab.
How to read it
The useful output is the price you can carry once monthly property tax is in the payment. If that ceiling is lower than the ZIPs you have been touring, that is the post. Not a lock. Not a commitment to lend.
A bigger down payment can hide a monthly tax bill you still have to pay. A longer term can hide a payment that still does not fit. Read both.
What this number is not
It is not approval. It is not tax advice. It is not a reason to upload a Loan Estimate to /leah/ today. That upload is still broken.
If the ceiling is why you want a second pair of eyes, talk to Jeff. He originates from Chicago with Barrett Financial Group, L.L.C. NMLS 1041652. Bring income, the debts that do not go away, and the monthly property tax you looked up.
One thing to do
Open the Affordability tab → https://www.bankpricer.com/mortgage-calculator/?mode=affordability. Type monthly property tax. See the ceiling. Then decide if the conversation is worth having.
Jeff Shin, NMLS 1041652. Barrett Financial Group, L.L.C. Chicago. Equal Housing Lender. Not a commitment to lend.