How much house you can afford to buy depends on various factors, including your income, the size of your down payment, any existing outstanding debts, and your mortgage interest rate.
The first step in calculating how much house you can afford is determining the size of your down payment on the house. The required down payment amount will depend on various factors.
The most popular type of mortgage is the conventional 30-year fixed-rate mortgage because it allows borrowers to have low monthly payments.
Some home buyers get discouraged by their net worth, but it is essential to know that average net worth varies based on age and various factors.
In addition to your down payment, you will also need to pay closing costs. Closing costs are taxes and fees charged by the lender and other parties.
Considering other factors such as property taxes and homeowners insurance rates in your area. These two costs can vary drastically from one city to another.