Whether you’re going to purchase a home in the near future to take advantage of low historic rates, or you know you want to own a home later in life, it’s never too early to create a home purchasing budget.
HOW DO YOU DO THIS?
- Add up all your sources of income.
- Add up all your monthly non-housing expenses.
- Subtract #2 from #1 and you’re left with the amount you can use to cover housing expenses.
As Dave Ramsey says, “Keep your mortgage payment to no more than 25% of your monthly take-home pay on a 15-year fixed-rate mortgage. Don’t forget to save a little extra each month to cover regular maintenance.”
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