Home-buyers starting their home search in Los Angeles- often ask how much a month do properties cost? I recommend to get a preapproval letter with a lender as quickly as possible when buying a home for two reasons: 1) the lender will tell you how much you can afford 2) if a property comes on the market that you want to buy you will be ready to make an offer right away.
In the estimate, I assumed 20% downpayment at a 4% interest rate on a 30 year fixed loan, and the monthly cost includes mortgage payment, taxes, insurance and utilities. If you are putting less than 20% down, then you will have an additional expense of Mortgage Insurance to factor in. Annual Income was estimated as 35% of monthly cost. Most lenders will lend with a Debt to income ratio no higher than 45%, although if your debt to income ratio is this high you will pay a higher than normal interest rate. These are estimates- talk to your lender, they will be more accurate- this is for helping you get started.