How Much Can I Afford?

How much can I afford

How much House can you afford?

How much can you afford?

Deciding how much house you can afford is a personal decision.  Many factors come into play.  How much can I borrow?  How much can I put toward my down payment?  What size monthly payment can I afford?

There are no black and white answers to these questions.  It’s a matter of give and take.  If you plan on a 30 year mortgage, you can probably make a lower down payment and still manage the monthly payments.  If, on the other hand, you plan on a 15 year mortgage, you’ll probably want to make a larger down payment to keep your monthly payments in line with what you can afford.

How large a down payment can I make?

Many buyers look at their cash on hand as their only source for their down payment.  This simply is not the case.  One way to fund or partially fund a down payment is by using a gift.   Parents, grandparents and other family members are often eager to help by making a cash gift toward the purchase of your home.

If you are selling a home, the equity you’ve built up can be applied to your down payment.

But these are not your only options.  We can help you explore all your down payment options, including low down payment and 100% mortgage financing options for VA Loans that might be right for you.

What size monthly payment can I afford?

When determining what size monthly payment you can afford, you’ll want to consider what other monthly expenses you have. Tangible expenses such as car payments play a role in how large a monthly payment you can afford.

There are also the intangible expenses or lifestyle expenses that you’ll want to consider.  Things such as dining out, travel and when you buy your next car can affect how much you can afford.  Are you willing to curtail or delay some of these expenses in order to afford a larger monthly payment?

How much can I borrow?

This is a question you’ll want to get answered before you begin your home search.   This is something that we’re here to help you with.

We can answer any questions you may have about the mortgage process.  But the best way we can help is by getting you pre-qualified for a mortgage loan.  To get started, simply complete the form below to let us know a good time to contact you.  We look forward to helping you buy your dream home.

Do you have a question?

We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you.


The Mortgage Lady


Alisha Baty | Loan Officer
NMLS# 495465



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The Mortgage Lady and her team were able to complete my mortgage - start to finish - in 23 days....

Jennifer Flinton

5.0
2015-12-21T09:36:16-05:00

Jennifer Flinton

The Mortgage Lady and her team were able to complete my mortgage - start to finish - in 23 days. That is unheard of in this industry where it normally takes 30-60 days, minimum. They were also able to help me write up not one, not two, but four offers on houses within that time period, providing the necessary paperwork promptly each time. But most importantly, Lori and her team were friendly, warm, compassionate, and understanding, on top of being professional and efficient. I cannot recommend them highly enough.

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We have had the distinct pleasure of working with The Mortgage Lady on multiple mortgage needs over several years. On...

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5.0
2015-12-21T09:37:22-05:00

Frankie & Melinda Waller

We have had the distinct pleasure of working with The Mortgage Lady on multiple mortgage needs over several years. On each occasion we have found her to be profoundly knowledgeable and professional, while at the same time being a joy to work with due to her enthusiasm, pleasant personality, and warmth.....Thank you for all that you do!

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The Mortgage Lady, I know how lending guidelines make any conforming loan a difficult process these days. I truly believe...

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5.0
2015-12-21T09:38:11-05:00

Landon Smith

The Mortgage Lady, I know how lending guidelines make any conforming loan a difficult process these days. I truly believe these two refi's wouldn't have been this smooth, or closed at all, anywhere else. I have, and will continue to refer anyone looking for a loan in TX to you guys. Thank you so much!

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We cannot speak highly enough of our experiences in working withThe Mortgage Lady to arrange financing for our new home....

John and Carolyn Drummond

5.0
2015-12-21T09:39:36-05:00

John and Carolyn Drummond

We cannot speak highly enough of our experiences in working withThe Mortgage Lady to arrange financing for our new home. For most of the process, we were in a different city from The Mortgage Lady, but she used technology to make us feel like we're in the same town. We felt as though we had a personal relationship with The Mortgage Lady. She could not have been more supportive, patient, and positive. I encourage anyone purchasing a home to contact The Mortgage Lady.

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5.0
2015-12-21T09:40:09-05:00

Ruben and Laura Vela

A big thank you to The Mortgage Lady and her team. We couldn’t be happier.
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