One of the most common questions I hear is, “How much mortgage can I afford?”
It is the right question to ask, and it should come early in the process.
What matters is how you define affordability. It is not about the maximum amount a lender might approve. It is about what fits your life, your budget, and your comfort level month after month.
Here is how I help clients get a clear, realistic answer.
Start With Your Budget, Not the Maximum Approval
A lot of people ask, “What is the most I can borrow?”
I take a different approach.
We start with what you already live on. Income, monthly obligations, savings goals, and how much flexibility you want left at the end of the month. This gives us a real housing number, not a theoretical one.
Just because you can qualify for a higher loan amount does not mean it makes sense to use it. The goal is a payment that feels sustainable, not tight.
Look at the Full Monthly Picture
The mortgage payment is only part of affordability. We also factor in:
- Property taxes
- Homeowners insurance
- HOA dues if applicable
- Utilities and ongoing maintenance
These costs are often underestimated early on. I prefer to account for them upfront so there are no surprises later.
When buyers understand the full monthly picture, they make better decisions and feel more confident moving forward.
Review Loan Options That Affect Affordability
Loan structure matters. Down payment amount, interest rate, and upfront costs all play a role in what feels affordable.
Most of my clients use conventional financing, but even within conventional loans there are choices that can impact monthly payment and cash to close. Sometimes a smaller down payment makes sense. Other times it is worth putting more down to reduce long-term costs.
There is no default answer. The right option depends on your priorities.
Think About the Next Few Years, Not Just Today
Affordability is not only about what your life looks like now. It is also about what your life may look like in a few years.
Changes in income, family plans, job shifts, or lifestyle goals should factor into how much you feel comfortable borrowing. I encourage clients to leave room for flexibility, not just qualify on paper.
A good home purchase should support your life, not restrict it.
Run the Numbers and Adjust as Needed
Once we have a clear picture of your goals and budget, we run the numbers. That may include a pre-qualification or a credit review to confirm what works realistically.
Affordability is not static. Markets change. Financial situations change. That is why I stay in touch with clients even if they are not ready to buy right away.
The goal is to make decisions based on solid information, not assumptions.
The Bottom Line
How much mortgage you can afford is a personal decision. It should be based on clarity, not pressure, and comfort, not maximum limits.
If you are asking this question, you are already thinking the right way.
If you want a realistic breakdown of what makes sense for your budget and your goals, let’s talk. I will walk through the numbers with you and help you build a plan that feels solid from day one.
The opinions expressed within this article may not reflect the opinions or views of CrossCountry Mortgage, LLC or its affiliates. All loans subject to underwriting approval. Certain restrictions apply. Call for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. This is not a commitment to lend.