Guidance for creating a wise homebuying budget that will let you stress less and enjoy more of life in your new home.
Just because you can, doesn’t mean you should—that about sums up the home buying budget cautionary tale perfectly. 换句话说, just because you can buy a house in a certain price range, doesn’t mean it’s the right financial decision for you.
Setting up a budget before you start shopping can help you feel more confident in your search and help you live more comfortably after you seal the deal. But you’ll also want to understand the true cost better, as well. Think about two categories: how much can I afford and how much does it really cost.
A good place to start when calculating your home buying budget is with the 28% rule—keep your mortgage under 28% of your gross monthly income.
Another tool—one used by lenders to determine eligibility for a mortgage—is your debt-to-income ratio. Here’s how to find yours: Let’s say your monthly mortgage payment is $1,000美元，其他费用1美元,000 for a total of monthly financial obligations of $2,000. If you have a gross monthly income of $6,000, your debt-to-income ratio would be 33%. 低=更好.
Making a larger down payment has lots of financial perks, 包括更好的利率, no requirement to purchase private mortgage insurance if down payment is at least 20% of the home’s value, lower monthly payments and more equity in your home starting on Day 1. 使用我们的 抵押计算器 能告诉你区别吗.
公司lude all the ingredients of a mortgage
Each month, you’ll need to cover all the different costs that go into a mortgage payment. 大多数人都知道principal, 你欠多少钱, 和兴趣, which is what the lender charges you to lend you the money. 但等等，还有更多! 这些是最常见的:
房产税: You contribute about one-twelfth of your annual tax bill with each mortgage payment.
房主保险: 和财产税一样, you contribute roughly one-twelfth of your annual premium each month with your mortgage payment.
抵押贷款保险: If your down payment is less than 20% of the home’s purchase price, you’ll more than likely need to pay mortgage insurance.
别忘了HOA: If you belong to a homeowners’ association, the dues are usually billed directly. So it’s not part of the mortgage per se, but you’ll want to make sure that number gets captured.
其他需要考虑的费用: 大房子需要更多的家具, 更多的加热, more cooling (you get the picture) so think about size. 几乎所有的家庭都需要一些工作, 但是有些家庭需要大量的工作, so pay close attention to your home inspection. And take a peek at the utility bills for properties you’re serious about to avoid surprises.