How Much Can You Afford?
Understanding how much home you can afford is key to making a confident purchase. Several factors—like your borrowing power, down payment, and monthly budget—affect your price range. We’re here to help you find the right balance.
Key Factors in Home Affordability
There’s no one-size-fits-all answer, but these three key factors will help determine what’s affordable for you:
How much can I borrow?
Lenders assess your income, credit, and debt to determine your loan amount.
How much can I put down?
A larger down payment can lower your monthly payment and reduce costs over time.
What monthly payment fits my budget?
Consider both fixed expenses (like car payments) and lifestyle choices (like dining out or travel).
Exploring Down Payment Options
Your cash savings aren’t the only way to fund a down payment. Consider these additional sources:
Gifted Funds
Family members can contribute to your down payment.
Home Equity
Selling a home? Your existing equity can go toward your next purchase.
Down Payment Assistance
Grants or programs may be available to eligible buyers.
Low & No Down Payment Loans
Some mortgage options allow for smaller or no down payments.
Get Pre-Approved & Know Your Budget
Before you start house hunting, it’s important to know what you can borrow and what’s comfortable for your budget. Use our mortgage calculators to explore different scenarios, or get pre-approved to shop with confidence.
Important Legal Disclosures
*All loans are subject to credit approval.