Run your own numbers first
No email, no sign up, nothing gated. If you are six months out and just want to know whether any of this is realistic, start here instead of talking to anybody, including me.
What the payment actually costs
Most people budget for principal and interest and then get surprised by the rest. Taxes, insurance and HOA are often a quarter of the monthly number.
| Principal & interest | $0 |
| Property taxes | $0 |
| Home insurance | $0 |
| Mortgage insurance | $0 |
| HOA | $0 |
| Total each month | $0 |
| Loan amount | $0 |
| Cash down | $0 |
Mortgage insurance is estimated at 0.55 percent of the loan per year and only applies under 20 percent down. Your actual rate, taxes and insurance will differ. This is an estimate, not a quote or a commitment to lend.
What you can actually afford
This is not the same as what a lender will approve you for. Those are two very different numbers, and the gap between them is where people end up house poor.
| Monthly housing budget | $0 |
| Estimated loan amount | $0 |
| Cash needed for down payment | $0 |
Assumes insurance of $1,400 a year and mortgage insurance at 0.55 percent where down payment is under 20 percent. Lenders weigh credit, reserves, employment history and loan type too. Treat this as a ceiling to stay under, not a target to hit.
What you need at the closing table
Your down payment is not the whole number. Closing costs usually land between two and five percent of the purchase price on top of it.
| Down payment | $0 |
| Lender fees | $0 |
| Title & escrow | $0 |
| Appraisal & inspection | $0 |
| Prepaids & reserves | $0 |
| Less seller credit | $0 |
| Cash to close | $0 |
Earnest money you already paid counts toward this, so your final wire will be lower by that amount. Figures are estimates. Your lender's Loan Estimate is the document that governs.
What a sale actually puts in your account
Sale price is not proceeds. This is the number that matters when you are deciding whether to sell, and it is the one most sellers see far too late.
| Sale price | $0 |
| Mortgage payoff | $0 |
| Commissions | $0 |
| Title, escrow & recording | $0 |
| Buyer concessions | $0 |
| Repairs & prep | $0 |
| Prorated taxes | $0 |
| Net proceeds | $0 |
Does not account for capital gains tax, which most primary residence sellers avoid under the federal exclusion but which can apply to investment property. I am not a tax advisor. Talk to a CPA before you rely on this for a tax decision.
Want these numbers run against real homes in your area, with actual comparable sales behind them instead of defaults? Send me what you are working with and I will come back with the real version. No cost and no obligation.
The numbers only get you halfway.
The other half is which house, which terms, and what the risks are on the specific one you are looking at. That part is a conversation.
