Friday, August 24, 2012

How Much House Can I Afford?

To determine how much house you can afford, factor in several things:

  • Net income from employment
  • Any additional income
  • Monthly expenses, including car payments
  • Down payment
  • Home repair expenses
  • Moving cost
  • Maintenance fees (lawn/pool care, etc.)
  • HOA fees
  • How much you'd like your mortgage payment to be monthly
  • Your credit score (to determine your mortgage rate)

Here is a good article on how to determine those figures for maximum wealth from Dave Ramsey.

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