Home Buying Budget

There is a big difference between mindlessly scrolling through Zillow and perusing what’s out there on the market, and sitting down to figure out how much home you can really afford. Making the steps to actually save for one and beginning to search in earnest for your new home are 2 very exciting checkpoints on the way to home ownership. Somewhere in between all of the saving, planning, and looking, is the actual number-crunching that will tell you how much house you can truly afford.

What often starts with casual musings, a glance at your bank statements, and maybe casual conversation at the dinner table, quickly changes to logistical and strategic thoughts about how to swing a mortgage payment. After you have a number in mind that’s feasible, then it’s time to decide if you can truly afford that monthly payment or not, and still maintain a lifestyle you enjoy. 

Luckily, working with me and I structure a loan for you, you will have a good idea about what your interest rate could be as a great starting point. Once you have that, you will then be able to use the mortgage calculator on the home page of this website to crunch the numbers and know approximately what your mortgage payment will be.

There are two main factors to consider when asking yourself what price home you can buy. One, is how much you can comfortably pay monthly for your mortgage, and the other is having enough cash on hand (or coming) to fix whatever needs to be fixed, or spend on desired updates. There’s not much worse than spending your hard-earned savings on a fixer-upper because it’s all you can qualify for, and then not being able to make the improvements in a timely manner. 

The bottom line is this, there’s a lot to consider when deciding how much home. Factors like lifestyle, location, and future plans and goals all come into play when making large financial decisions, and buying a home is probably the biggest financial decision of them all. To make this process easier for you, get in touch with me to review your options. now!