Figuring out how much to spend on a property depends on many factors.

• First of all, your down payment will determine the amount of the loan you'll need, and this will affect the size and duration of your mortgage payments.
  
  
• You should determine your current living and other expenses to help you figure out the mortgage payments you can comfortably afford.
  
  
• The general rule is that your monthly expenses shouldn't be more than a third of your household income (this includes mortgage, tax and utilities), and your total debt load (for example including student loans, credit cards, car payments) should not exceed 40% of your income.
  
  
• To figure out how much you can afford, Genworth has a series of handy calculators to help you.