How much home can I afford?
Just because you are approved by a lender for a certain amount doesn’t mean that is within your means or your budget. The very first thing you should do is spend time analyzing your spending. Account for additional savings that you will need to start putting away for emergency home repair items like a new hot water heater ($1.000) or a new roof eventually ($20,000). Once you figure out what you can afford then use the calculator below to start to play with the numbers based on the current interest rate.
DISCLAIMER! This calculator does not include Homeowners Insurance or Taxes. These could add a significant amount to your final combined mortgage payment but will vary widely depending on the home you’re offering on. We recommend consulting with an excellent lender who has a heart for education and guidance. Luckily we know one! Connect with our preferred lender when you’re ready.
