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FREE GUIDE: How Much House Can You Really Afford?
Dated: November 30 2025
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FREE GUIDE: How Much House Can You Really Afford?
A Simple, Clear, No-Fluff Guide for Colorado Homebuyers
by Alzira Escobar-Pruitt, REALTOR® | RE/MAX Real Estate Group
Buying a home is exciting, but figuring out what you can truly afford can feel confusing or even overwhelming. Lenders give you one number, online calculators give you another, and your budget tells a completely different story.
This guide breaks it all down into a simple, easy-to-follow format so you can confidently choose the right price point for your next home.
Why This Guide Matters
Most buyers make the same mistake:
They shop based on the maximum amount a lender approves them for.
But your lender doesn’t know:
Your lifestyle
Your travel habits
Your hobbies
Your long-term financial goals
Your comfort level
This guide helps you build a realistic, personalized budget—not a one-size-fits-all number.
1. Understand the 28/36 Affordability Rule
Use this simple guideline to stay financially comfortable:
28% of your gross income toward housing
36% toward total debt
Staying within these limits helps you avoid money stress after you move in.
2. Your Mortgage Isn’t the Only Expense
Include the full picture:
Property taxes
Homeowners insurance
HOA dues
Utilities
Maintenance and repairs
Mortgage insurance (if under 20% down)
This is your true monthly cost.
3. Think About Your Lifestyle
Your home should fit your life, not restrict it.
Consider:
Travel
Hobbies
Kids’ activities
Future plans
Large upcoming purchases
Choose a monthly payment that supports the life you want.
4. Down Payment and Closing Costs
Your down payment affects your:
Interest rate
Monthly payment
Loan options
Typical down payments:
3–5% conventional
3.5% FHA
0% VA
20% avoids PMI
Also plan for 2–5% in closing costs.
5. Evaluate Income Stability and Future Goals
Consider:
Job stability
Chances of relocating
Growing your family
Expected income changes
This helps you avoid buying at the top of your comfort zone.
6. Interest Rates Change Everything
Rates change quickly—and even a 1% rate difference can shift your budget by tens of thousands of dollars.
Always run updated numbers before shopping.
7. Choose a Payment That Feels Good
Just because you’re approved for a certain amount doesn’t mean it’s the right amount.
Choose a number that lets you sleep at night.
8. Get a Personalized Affordability Assessment
Every buyer’s situation is different.
I offer a free, no-obligation affordability consultation that includes:
Loan payment scenarios
Tax differences by neighborhood
HOA vs. no HOA comparisons
Monthly payment breakdowns
This ensures you shop with confidence and clarity.
Ready to Find Your Number?
Your ideal budget is unique to you.
If you’re planning to buy in Colorado Springs or the Pikes Peak region, I’d love to help you determine your true buying power.
Alzira Escobar-Pruitt
From Southern Spain to the heart of Colorado, Alzira Escobar Pruitt has become one of the most trusted and culturally connected REALTORS® in the Pikes Peak region, serving clients from all Spanish sp....
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