The Great Question Answered - How much can you afford?

Deciding how much house you can afford is a personal decision. While your pre-approval will indicate how much you are qualified to purchase, the monthly payment may be out of your comfort zone. Determining your budget ahead of time requires taking many factors into account.

Here are a few questions that need to be answered to determine a payment that fits your budget:

  • How much do you qualify to borrow?
  • How much are you able to put down as a down payment?
  • What is the size of the monthly payment you can afford?
  • Am I going to include my property taxes and insurance in my payment?

Fortunately, a South County Mortgage Professional will guide you as we find the answers to these questions.

South County Mortgage Company Budget Loan

How large a down payment can I make?

It is important to remember that cash on hand may not be the only resource to look to for the down payment. Gifts from family members or friends may be allocated.  There are also down payment assistance programs and charities. In addition to other options, if you are selling a home, the equity you have built up can be applied towards a down payment. 

We will explore all your down payment options, including low down payment programs and 100% mortgage financing options that might be a good fit 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, day care and utility bills, all 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 effect how much you can afford.

How much can I borrow?

Before you begin your home search, check out our South County Mortgage Calculator to see how things change depending on your down payment, monthly payment and the amount you borrow.

It’s our goal to get you into the home of your dreams, so contact us today and we can help you explore all your options and provide a mortgage solution that is right for you and your budget. We look forward to partnering with you!


With over 20 years of experience, we ensure you get the best service you deserve.

(401) 583-4150