08/30/2026
๐ก Wondering what determines how much home you can actually afford?
Many buyers think it's all about the purchase price but your monthly payment is influenced by several important factors.
Here are 3 key factors that impact home affordability:
๐ฐ 1. Interest Rate
Even a small change in your mortgage rate can significantly affect your monthly payment and overall buying power.
๐ฆ 2. Down Payment
A larger down payment can lower your monthly payment, reduce interest costs, and may eliminate private mortgage insurance (PMI).
๐ 3. Property Taxes & Insurance
These ongoing costs are included in many monthly mortgage payments and can vary greatly depending on the home and location.
Understanding these factors before you start shopping can help you make confident decisions and avoid surprises.
Thinking about buying a home? We'd be happy to help you understand your budget and create a plan that works for you.