How Much House Can You Really Afford? – NerdWallet

When you are looking for a home, it’s much more than just finding the home and getting the loan. When you are looking, you need to make sure that you have all of your bases covered. There are many home affordability calculators that you can check. When you are looking at the expenses of the home, you need to make sure that you are planning for the long term speed bumps that you may come across.

Key Takeaways:

• NerdWallet’s home affordability calculator considers local home values, closing costs, monthly expenses, and other factors.
• Experts suggest thinking about future costs, such as if one partner were to stop working to raise a family.
• Exceeding your budget can leave little room for taxes, health insurance, child care, retirement funding, and other expenses.

“And he recommends that a buyer looking in the $200,000 to $250,000 range ask lenders what the monthly payments would be on both ends of the price range.”

Read more: https://www.nerdwallet.com/article/mortgages/house-afford?trk_source=mortgages_hac_mustread&trk_content=blog_reallyafford+pos_topright&trk_destination=house-afford&trk_origin=calculate-affordability&trk_app=tool