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The first step in determining how much house you can afford is evaluating your financial situation. This involves a clear look at your savings, income, and credit score.

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Start by reviewing your monthly income and savings. These factors will determine how much you can afford to spend on a house payment each month, as well as the size of your down payment, which will affect your home’s overall affordability.

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Affordability is a big concern for any prospective homeowner, and it’s a mortgage advisor’s job to help their clients better understand how a mortgage payment impacts their total monthly budget. It’s very important to make sure you understand the difference between what you can comfortably afford versus what you qualify for.

A lender will help illustrate this impact by calculating your debt-to-income ratio (DTI) to gauge your ability to handle mortgage payments. This ratio is simply a measure of how much money you have coming in (income) versus how much goes out (expenses).  A lower DTI improves your chances of securing a larger loan and answering how expensive of a house you can afford more confidently.

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• Monthly debt payments: $1,500
• Gross monthly income: $5,000
• $1,500 ÷ $5,000 = 0.30 (or 30%)

In this case, your DTI ratio is 30%

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If you purchase a home for $300,000, you should plan to save between $3,000 to $9,000 annually for upkeep. This covers routine maintenance, unexpected repairs, and long-term replacements, like a new roof or HVAC system.

Older homes or homes in areas with harsh weather conditions may require a higher budget, so adjust accordingly based on your home's specific needs.

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