You need to determine how much you can really afford. A good rule of thumb is to keep your mortgage, along with your taxes and insurance, between 25 to 30 percent of your income. Other experts advise that your home cost no more than two and half times your annual sallary.
If you spend too much on your mortgage, you may not be able to meet your daily obligation let alone save for retirement. A smaller house might be worth the peace of mind. If you are carrying debt (credit card or student loan debt,) a smaller payment can be an especially good idea.
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