How much can you afford?


Deciding how much you want to spend on your new home is a personal decision. Some of the important factors in this decision are how much can I borrow?? How much should I put towards a down payment? How much can I afford monthly for my mortgage payment?

Since every situation is different, there are no cut and dry answers that include everybody. Depending on what loan program and term you are looking at, you may be able to make a lower or even no down payment at all. However, if you want a shorter loan term, you may need to make a bigger down payment to keep the same monthly payments.

How large should my down payment be?


If you have ever looked into how big a down payment should be, you will have probably heard that it should be at least 20%, however not all first-time homeowners have 20% in cash for a down payment. What many people don’t know is that many programs allow for lower down payments and even no down payment at all!

Even though many people only look at their cash on hand for their down payment, it is not their only option. Down payments can be funded partially or fully by gifts. Relatives are often eager to help out with the purchase of a new home by giving a cash gift.

There are also programs and grants that can help out—even if you are not a first-time homebuyer! The Colorado Housing and Financial Authority offers grants that can be used as a down payment.

If you are selling your house, the equity that you have built up over years can be used towards the purchase of your new home.

But these are not your only options for down payments. We can help you explore all your options, including low down payment and no down payment options to find what works for you. 

How much should my monthly payment be?


When determining how much your monthly payment should be, you should consider all of your other monthly expenses you have. Other expenses such as car payments, daycare and utilities all determine how much you can afford monthly.

You also need to consider lifestyle or intangible expenses, such as dining out, travel and other expenses that affect how much you can afford. If you want a larger home with a bigger price tag, are you willing to change any of your spending habits to afford the larger monthly payment?

Ideally, your mortgage payment should be less than 40% of your monthly income to allow for these other expenditures. 

How much can I borrow?


This is the most important question you should get answered before you begin searching for a new home. Luckily, we’re here to help. Our mortgage calculators will give you a good idea of how much your down payment, monthly payment and the amount you borrow would be.

We can answer your mortgage questions. But a great way we can help you, is by getting you pre-approved for a mortgage. To get started, simply complete the form below to let us know a good time to contact you. We look forward to helping you into your dream home.

Basic Mortgage Pre-Approval

Get a Great Mortgage Rate! Tell us a little about your current needs and we can use that information to match you with just the right loan.

Tell us about your loan needs.
How can we get in touch with you?
Tell us about your credit history.