Budgeting for Homeownership

Financial planning is the most important steps that a first time homebuyer must take in a successful home purchase. Purchasing a home can make a tremendous impact on your monthly budget, so having a good understanding of your personal finances will help you see how homeownership will fit into your lifestyle before you buy a home. By working through your total monthly lifestyle expenses, consumer debt, and your income, you can see home much money you have left over each month in your budget to apply towards the expenses associated with a home.

The budget planner on this page helps you generate a unique monthly budget based on your lifestyle expenses, consumer debt, and income. Later, in the Understanding The Bottom Line  page, you will see how this budget is affected by the Loan and Property variables  you have been experimenting with and be able to map out ways to still set aside that extra cash into your savings account or any investment accounts you may have.


First time home buyer budget planner
THIS SUMMARY PROVIDES ESTIMATES ONLY . Before making any home or loan purchase decision, you should obtain the advice of a professional financial advisor who is aware of your individual circumstances. Please refer to the Terms Of Use  for a complete description of the proper use of this information.

Understanding Your Results

The above chart shows the difference between your monthly income and lifestyle expenses before factoring in the expenses from a home purchase. By understanding your budget and the amount you have left over after paying for your lifestyle expenses, you can see how the monthly payments associated with the purchase of a home will impact this budget in Understanding the Bottom Line



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