What can I Afford

The first step should be to determine how much new home you can afford and then to decide how much you want to spend per month. There are several components to your monthly home cost. There are the utilities, mortgage payment (principal and interest usually), property taxes, and home insurance. The utilities will vary according to your use and since we are talking new homes they will be considerably less than most used homes. So let's concentrate on the mortgage, insurance, and taxes. These combined cost are generally estimated to be around 1% of the cost of the new home. Example: $100,000.00 price will be about $1,000.00 a month. This will vary depending on the area you choose, your credit, type of loan, and length of term. It is worth noting that a quote from a lender generally excludes property taxes and insurance.

So let’s see how much home you can actually afford so you can decide how much home you want.

Submit the following information and one of our specialists will assist you. We can be reached at 832-415-6418.