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Buying a home is an exciting milestone—but it also demands careful financial preparation. Knowing how much you can afford, and planning for both expected and unexpected costs, will set you up for long-term success. Here’s a breakdown of how to build a realistic house-buying budget that balances your dreams with your finances.

1. Start with Your Down Payment

First, determine how much you need for the down payment. In many jurisdictions:

• For homes priced up to a threshold (for example, $500,000), the minimum down payment might be around 5%.

• For homes above that threshold, a higher percentage may apply for the portion over that amount.

• If you put down less than about 20%, you’ll often need to purchase mortgage insurance.

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