One of the most common questions people have when they set out to buy a new house is “How much home can I afford?” Knowing the answer to this helps narrow down your search, not just by price, but even by city, community and neighborhood. So, how much home can you afford? You need to know some numbers first.
Income and Debts
The first thing you need to know is how much money you have that could go towards a mortgage payment. You need to know your total income, whether you live alone or have a spouse or partner. This includes tips, commissions, salaries, investment income, child support, alimony and any other money you receive on a regular basis.
Once you determine your income, [...]
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