Suze Orman: Here's exactly how much money you need to afford to buy a home via CNBCMakeIt
It takes more than just a down payment to buy a home. Sometimes you need a lot more. How can you tell if you're actually able to swing it?
"When you buy a home, you have property taxes, you have insurance and you have maintenance," Orman explains, and you'll also need to factor in closing costs and other fees."All those things will cost you 40% more than your mortgage payment." If you're managing just fine after six months, though, you can realize you're in a good place to afford that home. Plus,"you have $2,400 to put towards your closing costs," Orman says. So"that's what I would do if I were you."
"If you look at it as an investment and you sell it, where are you going to live?" Orman adds."And just because it goes up in value doesn't mean that you're going to sell it."
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