Buying a Home
How much house can I afford?
By Steve Lockhart
The short answer
The number that matters is the one that leaves you comfortable, not stretched. I start with your actual monthly take-home income, your debts, and the cash you have set aside for a down payment and closing.
Full answer
The number that matters is the one that leaves you comfortable, not stretched. I start with your actual monthly take-home income, your debts, and the cash you have set aside for a down payment and closing. From there we build a target payment, then add Las Vegas property taxes, home insurance, an HOA if the home has one, utilities, and a realistic cushion for maintenance. Advice that stops at a price range misses all of that, and that is where buyers usually get uncomfortable. A lender's pre-approval turns the conversation into a specific number, and the mortgage calculator on this site lets you see the all-in picture from your own kitchen before you ever tour a home. The goal is a payment you can honestly carry for years, not just at the closing table.
Go a little deeper
Frequently asked
Questions buyers often follow up on
Should I focus on the loan amount I am approved for, or on the monthly payment?
Focus on the monthly payment. Your pre-approval amount is a ceiling, not a target. Two buyers with the same approval number can feel very different a year in, depending on how much of their take-home pay the payment eats. I help you build the budget around a payment that stays comfortable month after month, not just at the closing table.
How much cash should I keep in reserve after buying?
You want a real cushion left after closing. Moving costs money, the first year brings furniture and small purchases, and an unexpected repair turns into a real problem if your savings are at zero. The right amount depends on your situation, but the goal is to start homeownership with something left over, not with every account drained.
Does a bigger down payment help my budget?
It can. A larger down payment means a smaller loan, which usually means a lower monthly payment and can reduce or remove private mortgage insurance, and it can strengthen your offer in a competitive market. The tradeoff is tying up cash you might want for moving, repairs, or reserves. We run the math both ways and you decide what fits.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: know your number before you walk into a lender's office. Set a price ceiling that leaves room to live, and treat the pre-approval as the start of the conversation, not the final word.
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