Affording Your Home

The average spending per month for a single person in the United States is $3,693 per month ($44,312 per year), according to 2022 data from the Bureau of Labor Statistics’ Consumer Expenditure Study.

An FHA loan is a home mortgage that is insured by the Federal Housing Administration. FHA loans have lower down payment and credit requirements than conventional mortgages, but they may be considerably more expensive.

Getting a mortgage to buy a home requires a good credit history, but it doesn’t have to be 100% perfect. Perhaps even more important is how much debt you have in relation to your income.

Here’s a breakdown of what a mortgage is, how a mortgage works, and the most important things to know before shopping for one.

How much can I get pre-approved for? Use our mortgage pre-approval calculator to estimate your maximum mortgage amount.

Banks may approve mortgage payments of up to 35% of your pretax income. But some experts advise limiting payments to no more than 25% of your after-tax income. Here’s why it matters.

Shop for your new home the smart way. Learn how to calculate how much house you can afford before hitting that open house or applying for a mortgage.

There’s a big difference between what you’ll pay in interest over time if you’re offered a 3% vs. a 4% mortgage rate. Let’s take a look at the factors that determine your mortgage rate and calculate how much you’ll pay for a 1% rate difference.

Use Money Under 30’s home affordability calculator to find out how much home you can afford. Your home is one of the largest purchases of … Read more