Ever wonder what you can afford when buying a home? It’s important to remember—your budget is more than just your house payment. But don’t let that overwhelm you!
When you visit the bank to get pre-qualified, we will help estimate a full monthly housing payment. This typically includes:
- Principal & interest
- Homeowner’s insurance
- Property taxes
- HOA fees (if applicable)
- Private Mortgage Insurance (if applicable)
Bundling these together gives you a clearer picture of what to expect each month and makes budgeting easier. However, including those items is not always required! If you prefer to handle things like insurance and property taxes separately, that may be an option. Be sure to ask your loan officer those questions!
What Else Should You Plan For?
Your housing payment isn’t the only expense that comes with owning a home. It’s smart to plan ahead for:
- Utilities (water, electrical, propane)
- General maintenance and repairs (lawn care, snow removal, etc.)
- Other monthly obligations
Everyone’s definition of “affordable” looks a little different, so it’s important to find a payment that fits comfortably within your lifestyle.
Thinking Long-Term
While homeownership does come with added responsibilities, it can also be a big first step toward building personal equity. It may feel a little daunting at first—but you don’t have to figure it out alone.
We’re here to help.
Reach out to me or any American State Bank loan officer, and we can help find a house payment that fits your comfort zone.
Shayna Maassen
Retail/Mortgage Loan Officer | NMLS # 2540430