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MissouriFamilies.org -Housing

 

Quick Answers...

 

 

I’m considering buying my first home. How do I figure out how much I can afford?

 

An affordable housing payment that is more than 28% of household income is usually not recommended. This number includes the mortgage payment (principal and interest only), utilities (except telephone), taxes and insurance. Total debt payment, including non-housing debt, above 35% is usually not recommended.

 

For more information on determining how much house you can afford, see the following links:

 

http://missourifamilies.org/features/financearticles/buyhome.htm 

 

http://missourifamilies.org/quick/financeqa/finqa177.htm

 

 

Lisa Hamilton-Hill, Architectural Studies, College of Human Environmental Sciences, University of Missouri Extension

 

 

 

 

 

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Last update: Monday, May 18, 2009

 

 

 


 
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