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Buying a property is a big commitment. Whether you are buying a home to live in, or plan to rent it out, understanding your debt and identifying your budget will keep in a financial safe zone under any circumstance.  Thus, before you go to the bank to ask for a loan do your own calculations using the mortgage calculator.  Find out what monthly payment best suits you ahead of filling for a loan. You may not want to pay more than 5 percent, or even 10 percent of your income towards a loan, even if the bank is willing to loan you up to 30 percent.  You can calculate the loan amount based on the payment you are able to pay, then according to that figure find a property to purchase that fits within your personal budget.  You can juggle the numbers until you are satisfied, especially if there is a length of loan option, which is very helpful because extending the term can result in a larger mortgage payment calculator value at the same payment value.