You need to figure out what your income is per month. Then, find your expenses. This is a good form to use: http://www.ginniemae.gov/2_prequal/intro_questions.asp?Section=YPTH
I'll give you an example as well.
Let's say you make $5000/month. Your expenses are your credit cards for $300/month. You have a car loan of $600/month. You have a student loan payment that is $250/month.
Remember you have to account for taxes. After taxes you only make $3700/month. Then you take your expenses off. That leaves you with $2,550 for the month. If you add on a $900 mortgage, you will have $1650 left over.
Can you still afford to live with $1650 left over for the month? Remember, you still have your phone bill, food bills, water bill, heating bill, electric bill, cable bill, trash bill, etc.
Make sure you really think through what you will have to pay for when you own a home. Set a budget for yourself and your household so that you know if you should be buying a home or not.
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