What House Payment Can We Afford

How much house can you afford? Find out in 6 steps. October 1, 2018. So, you want to buy a home. but you’re not sure how much house you can afford. Maybe you’re not sure if you can afford to buy one at all. Well, we’ve got finding a realistic price tag down to just 6 steps, and you don’t even have to do any math.

Before selling real estate for a living, I helped client's with mortgage loans and later helped homeowners find alternatives to avoid foreclosure.

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To get that number back down to a monthly housing budget of $1,250, you’ll need to lower the price of the house you can afford to $172,600. Use the calculator to try out other combinations to find the right mortgage amount, interest rate and down payment combo that will work for your budget.

Once you know how much you can borrow add to that your down payment to calculate the maximum house price you can afford. In this example, the maximum loan amount is calculated at $203,000. If you have a $20,000 down payment, you can purchase a $223,000 house. The higher your down payment, the higher the purchase price you can afford.

The actual amount of home you can afford may vary depending upon spending habits, cost of living in a specific region, and your overall financial health. Some homeowners will prefer to spend less.

 · Once you know how much you can borrow add to that your down payment to calculate the maximum house price you can afford. In this example, the maximum loan amount is calculated at $203,000. If you have a $20,000 down payment, you can purchase a $223,000 house. The higher your down payment, the higher the purchase price you can afford.

What if I can't afford a down payment on a house? (and realistic options so you can buy a home) Zillow’s home affordability calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.

To determine how much house you can afford, most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36.