A mortgage question about calculating the total payment.?

I am getting ready to start looking for a home. I have purchased two in the past, one for $ 81,000 and the payments were around $ 800, and the next, the loan was for about $ 95,000 and the payments are about $ 900 so I know with houses around 100k you can knock two zero’s off the total and get an idea of the payment as a general rule.

I am trying to figure out what I can afford next and I and I am confused because I have been watching a lot of shows like House Hunters and they are getting approved for $ 240,000 loans and only ending up with $ 1800 or so as a mortgage payment. How are they doing this? I am assuming since they are calling it a mortgage payment it is also including their insurance and taxes, right?
I am just trying to figure out my price range if I can afford to pay $ 1200-$ 1400 a month with a $ 20,000 down payment.

Register New Account
Reset Password