How much Home Can you Afford

You will need a few hours to develop your budget on your home purchase once you've gathered the necessary information.

Separate your home needs  from your wants and make a rational decision based on the information.

You can print out a real estate budget form for developing your household budget.

Some items you'll need are:

Current monthly loan payments.

Other monthly expenses (childcare, dues, etc.).

Records of variable expenses from the last 12 months (utilities, food, car repair, etc.).

Records of annual or semi-annual expenses (insurance, taxes, etc.).

An estimate of what your new home mortgage payment will be. To get this use our mortgage payment calculator.

Records of other non-fixed expenses for the last year (medical expenditures, etc.). This will give you an estimate of average expenses of this type.

Records or an estimate of personal expenses (entertainment, travel, etc.).

Be realistic. Make provisions for possible increases in some items ( school tuitions, insurance, taxes, etc.). Then look for ways to get and keep control over your budget.