How much home can you comfortably afford?
Start with a monthly payment that fits your life. Your income, debts, available cash and ownership costs help shape your price range.
A clearer starting point for your home search
Gather your income, spending and savings information before shopping. Your comfortable budget may be lower than your approved amount. An income-percentage guideline is a starting point, not a universal approval rule.
Understand your income and spending
What comes in? Know your gross monthly income and your take-home pay after deductions.
What goes out? Add living expenses and monthly debt payments, including credit cards.
Decide what to spend and what to keep
What can you put toward a home? Check how much cash is available for your purchase.
What will you keep? Leave room for emergency savings and future home repairs.
Review your credit
Understand its effect. Credit history can affect mortgage eligibility and pricing. Review your credit reports and discuss concerns before applying.
Compare mortgage terms
Use matching assumptions. Compare the interest rate, loan amount and repayment term using the same assumptions across scenarios.
Check the other charges. Ask about fees and mortgage insurance.
Build your complete monthly budget
Include your loan and insurance costs. Allow for principal and interest, property taxes, homeowners insurance, and flood or mortgage insurance where applicable.
Add the costs paid separately. Include HOA or condo fees, utilities, maintenance and repairs.
Plan for the cash you need upfront
Down payment. Requirements vary by loan program and eligibility. Some eligible borrowers have no-down-payment options.
Closing costs. Account for the fees involved in completing your purchase and financing.
Prepaid expenses and initial escrow deposits. Include expenses paid in advance at closing and any required funds to establish your tax and insurance escrow account.
Request a property-specific estimate. Review financing, closing costs, prepaid expenses, escrow deposits and applicable credits together.
Check costs for the Florida property
Insurance. Obtain quotes for the actual property, including flood coverage when applicable.
Association fees. Check HOA or condominium costs before committing to a monthly budget.
Future property taxes. The current owner's tax bill may differ from what you will pay. Check these costs early when buying in Central Florida or the Space Coast.
Turn the numbers into a plan
Use these free Freddie Mac educational resources to estimate your budget, organize income and expenses, and learn about the responsibilities of owning a home. External links open in a new tab; calculator results are estimates.
Find a price range that fits your life
Speak with FHL Mortgages to explore financing options and the expenses to include before you start shopping.
Educational information only; estimates are not an approval or commitment to lend. Eligibility and costs vary. FHL Mortgages is a DBA and mortgage department of Florida Homes & Loans Inc. | NMLS #2295908. Gemma Peterson | NMLS #2121526. Request secure upload instructions before sharing financial documents.