Can I Really Afford a House? Spoiler: It’s not just about the mortgage payment

C.U. Smarter: A financial education focus of Veritas Federal Credit Union, located at 276A Nissan Parkway in Canton
Buying a home is a big move—and it starts with a big question: Can I actually afford it? The answer isn’t just about what you wantin a house. It’s about what fits your full financial picture.

It’s More Than Just the Mortgage
Sure, that monthly mortgage is a key factor—but so are property taxes, homeowners insurance, maintenance, and HOA fees(if applicable). Owning a home means owning all of it.

The 28/36 Rule
A good rule of thumb:
Your mortgage should be no more than 28% of your gross monthly income.
Your total debt (including the mortgage) shouldn’t top 36%.

What to Do Before You Buy:
Calculate your debt-to-income ratio (we can help with that).
Get pre-approved for a mortgage to see what you’re realistically working with.
Add in all the extras—insurance, taxes, upkeep.
Think long-term. Will your income grow? Any life changes ahead?

The Bottom Line:
Buying a house is exciting—but affordability means making sure it works for you now and later. Let’s talk through your numbers and make a plan that fits your life, not just your wishlist.
Learn more or connect with us at veritasfcu.org.