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class="cta-group__cta-content-wrapper "> <span class="cta__text">Credit</span> </span> </a> <div class="cta__note"><p>How to manage credit and build a strong credit history</p> </div> </li> <li class="cta-group__wrapper "> <a data-bactmln="cta_group-_-CTA-_-saving---budgeting_/content/bmh/en/saving-budgeting" href="https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting" class="js-cta-link cta-group__cta t-track-cta cta--link " target="_self"> <span class="icon-c" data-action="icon"> <span class="icon icon--saving-budgeting icon--primary-red icon--size3 icon--align-left" aria-hidden="true"> </span> </span> <span class="cta-group__cta-content-wrapper "> <span class="cta__text">Saving & Budgeting</span> </span> </a> <div class="cta__note"><p>Steps for creating a budget, sticking to it and building savings</p> </div> </li> <li class="cta-group__wrapper "> <a data-bactmln="cta_group-_-CTA-_-personal-banking_/content/bmh/en/personal-banking" 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no-top "> Financial milestones </h3> </div> </div> <div class="navigation-items__menu--row-column"> <div class="aem-wrap--cta-group section"> <ul class="cta-group cta-group--left "> <li class="cta-group__wrapper "> <a data-bactmln="cta_group-_-CTA-_-auto_/content/bmh/en/auto" href="https://bettermoneyhabits.bankofamerica.com/en/auto" class="js-cta-link cta-group__cta t-track-cta cta--link " target="_self"> <span class="icon-c" data-action="icon"> <span class="icon icon--auto icon--primary-red icon--size3 icon--align-left" aria-hidden="true"> </span> </span> <span class="cta-group__cta-content-wrapper "> <span class="cta__text">Auto</span> </span> </a> <div class="cta__note"><p>Pointers for every step of the car-buying process</p> </div> </li> <li class="cta-group__wrapper "> <a data-bactmln="cta_group-_-CTA-_-investing_/content/bmh/en/retirement" href="https://bettermoneyhabits.bankofamerica.com/en/retirement" class="js-cta-link cta-group__cta t-track-cta cta--link " target="_self"> 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class="navigation-items__title"> Navigate your financial life </h2> <p class="navigation-items__descr"> Get insights from Financial Guides, collections of resources to help with making decisions at any life stage. </p> </a> <ul class="navigation-items__menu js-menu-item navigation-items__menu--three-columns" aria-hidden="true"> <li class="navigation-items__menu-list"> <div class="navigation-items__menu--button"> <a href="#" class="navigation-items__title--mobile js-navigation-title-mobile t-track-collapse-menu"> Navigate your financial life </a> </div> <div class=" navigation-items__menu-content js-menu-content"> <div class="navigation-items__menu--column"> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="saving--planning" aria-hidden="true" tabindex="-1"></div> <h3 class="heading-latest__text headline-display--sm heading--text-black heading--align-left no-top 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t-track-expandible-menu" aria-expanded="false"> <h2 class="navigation-items__title"> Check out these tools </h2> <p class="navigation-items__descr"> Identify priorities, set goals and track progress with easy-to-use, interactive tools. </p> </a> <ul class="navigation-items__menu js-menu-item navigation-items__menu--two-columns-image" aria-hidden="true"> <li class="navigation-items__menu-list"> <div class="navigation-items__menu--button"> <a href="#" class="navigation-items__title--mobile js-navigation-title-mobile t-track-collapse-menu"> Check out these tools </a> </div> <div class=" navigation-items__menu-content js-menu-content"> <div class="navigation-items__menu--column"> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="from-better-money-habits" aria-hidden="true" tabindex="-1"></div> <h3 class="heading-latest__text headline-display--sm heading--text-black 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column--span-1-1"> <h1 class="page-title">Buying a home within your comfort zone</h1> <div class="item-subhead js-item-subhead" data-action="itemSubhead"> <p class="item-subhead__dek-copy">Before you go hunting for a home, it’s important to calculate a comfortable mortgage payment</p> <div> <p class="item-subhead__consumption"> <i class="icon icon--Article"></i> <span>Read, </span> <span class="item-subhead__consumption-text js-consumption-text"> 3 minutes </span> </p> </div> </div> </div> </div> <div class="row row--text"> <div class="column column--span-1-1 set-top"><div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>Before you fall in love with a home, and even before you start looking at homes, take the time to figure out the right monthly payment for your budget. Even if you’ve been prequalified for a mortgage loan amount, check to make sure what mortgage payment will fit within your lifestyle without putting important financial plans on hold.</p> </div> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="setting-your-budget" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--lg heading--text-black heading--align-left "> Setting your budget </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <table width="100%" cellspacing="0" cellpadding="0" border="0"> <tbody><tr><td width="40" valign="top"><img src="/content/dam/bmh/assets/number1-red.svg" alt="number one" class="image__img" style="margin-top: 5.0px;"/></td> <td valign="top"><h3 class="headline--sm" style="color: rgb(227,24,55);margin: 0 0 8.0px 0;">Know your income and expenses</h3> <p>Add up your monthly expenses and deduct that amount from your net monthly income.</p> </td> </tr><tr><td width="40" valign="top"><img src="/content/dam/bmh/assets/number2-red.svg" alt="number two" class="image__img" style="margin-top: 5.0px;"/></td> <td valign="top"><h3 class="headline--sm" style="color: rgb(227,24,55);margin: 0 0 8.0px 0;">Set your priorities</h3> <p>If you need more room in your budget to save, it’s helpful to separate your expenses into “need to have” and “nice to have” categories.</p> </td> </tr><tr><td width="40" valign="top"><img src="/content/dam/bmh/assets/number3-red.svg" alt="number three" class="image__img" style="margin-top: 5.0px;"/></td> <td valign="top"><h3 class="headline--sm" style="color: rgb(227,24,55);margin: 0 0 8.0px 0;">Track your spending</h3> <p>Keep track of where your money goes each month and balance your budget.</p> </td> </tr></tbody></table> </div> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="what-mortgage-payment-can-you-afford" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--lg heading--text-black heading--align-left "> What mortgage payment can you afford? </h2> </div> </div> <div class="unity-layout layout section"> <uc-layout version="v1_3.10.1-ENT-8"> <div class="uc uc-layout uc-layout--d-width-default uc-layout--m-width-default uc-layout--top-pad-0 uc-layout--bottom-pad-0" style="max-width: 100%;"> <div class="uc-grid uc-grid--cols-2--medium uc-layout__grid uc-layout__grid--col-2_50-50 uc-layout__grid--no-separator uc-layout__grid--vertical-separator-black uc-layout__grid--content-align-default uc-layout__grid--content-vertical-align-default "> <div class="uc-layout__grid-cell "> <div class="aem-wrap--text-latest"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>After you’ve done some basic bookkeeping, you can begin to determine a potential monthly mortgage payment that makes sense for you and your family. In addition to what your budget can afford, an important rule to keep in mind is the debt-to-income ratio, or the “back-end ratio.”<br/> <br/> To make sure your total debt isn’t more than your income can support, lenders consider all your debt payments for things like your home, car, credit cards and any other loans. If paying a mortgage would mean your total monthly spending on paying down debt is higher than 36 percent of your income, you may have trouble getting approved for the loan.</p> <p>Some lenders may allow a higher debt-to-income ratio based on compensating factors like additional cash reserves.</p> </div> </div> </div> </div> <div class="uc-layout__grid-cell "> <div class="aem-wrap--media"> <script src="//cdnapisec.kaltura.com/p/4699762/embedPlaykitJs/uiconf_id/51133253/langs/en,es"></script> <uc-media version="v1_3.10.1-ENT-8" class="uc-component uc-media" data-action="unityMedia" buttonAnimation="false" buttonPosition="center" disclaimerText="<p><em>The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. 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closeTranscriptText="Close Transcript" closeDisclaimerText="Close Disclaimer" disclaimerTitle="Disclaimer" transcriptTitle="Transcript" carouselNextArrowText="Go to Next Item" carouselPreviousArrowText="Return to Previous Item" carouselDotsLabel="of" playlistItemLabel="Item {0} of {1} Play {2} video" validCloseCaptions="true" expandVideoWhenPlaying="false" posterImagePosition="top" data-video-id="1_bxr121xc_"> <div id="en-buying-home-comfortably-affordably" class="uc-media__player"> </div> <div class="uc-media-transcript" aria-hidden="true" aria-expanded="false"> <div class="uc-media-transcript__header"> <button aria-label="Close Transcript" class="uc-media-transcript__close uc-media-icon-close" tabindex="-1" title="Close Transcript"></button> </div> <div class="uc-media-transcript__container" tabindex="-1"> <h3 class="uc-media-transcript__title">Transcript</h3> <div class="uc-media-transcript__text"></div> </div> </div> <script type="application/ld+json">{"@type":"VideoObject","name":"How much do you need for a mortgage down payment?","description":"No description","thumbnailUrl":"https://cfvod.kaltura.com/p/4699762/sp/469976200/thumbnail/entry_id/1_bxr121xc/version/100011","uploadDate":"2024-09-06T10:30:16-04:00","contentUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_bxr121xc/format/url/protocol/https","embedUrl":"https://cdnapisec.kaltura.com/p/4699762/sp/469976200/playManifest/entryId/1_bxr121xc/format/url/protocol/https","width":1080,"height":1920,"duration":"PT45S","transcript":"[Music in background throughout] [A Bank of America employee, Euralis, is speaking directly to camera] On screen copy: Euralis Better Money Habits Champion Euralis: One thing everyone needs when they’re starting their journey of buying a house is a down payment. How much you need for a down payment will be different for everyone. There are homebuyer assistance programs for some lenders, On screen copy: 2% down payments are possible Euralis: where you are only required to put as little as 2% down. On screen copy: 20% down payments will avoid PMI Euralis: If you can put down 20%, you will avoid paying private mortgage insurance, which is also known as PMI. To decide on how much money you should put aside for a down payment, On screen copy: What you put down is personal Euralis: it's really a personal choice. It comes down to what you value and what's important to you. On screen copy: Ask Better Money Habits How much do you need for a mortgage down payment? Bank of America® logo Better Money Habits® On screen disclosures: The material provided in this video is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damages resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly, therefore some of the information may not be current. Consult with your own financial professional when making decisions regarding your financial or investment management. Bank of America, N.A. Member FDIC. Equal Credit Opportunity Lender. © 2024 Bank of America Corporation. All rights reserved. [End of transcript]","@context":"http://schema.org"}</script> </uc-media> </div> </div> </div> </div> </uc-layout></div> <div class="aem-wrap--columncontrol-latest section"> <div class="columncontrol-latest columncontrol-latest--text align--middle mobile-align--default columncontrol-latest--margin-pad-m columncontrol-latest--margin-none border--none " style="max-width: inherit"> <div class="columncontrol-latest__wrapper"> <div class="column column--25"> <div class="aem-wrap--image section"> <div class="image image--centered image--bg-pos-center " style="max-width: inherit" data-action="image"> <picture class="image__picture js-image-picture"> <img alt class="image__img" role="img" src="/content/dam/bmh/assets/statistic-buyingahome-withinyourcomfortzone.svg"/> </picture> <img src="/content/dam/bmh/assets/statistic-buyingahome-withinyourcomfortzone.svg" alt class="image__img--print" aria-hidden="true"/> </div> </div> </div> <div class="column column--75"> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-center hide-from-nav "> <div class="heading-latest__anchor-link js-anchor-link" data-id="plan-for-total-debt-payments-less-than-36-of-your-gross-monthly-income" aria-hidden="true" tabindex="-1"></div> <p class="heading-latest__text headline--md heading--text-black heading--align-center "> Plan for total debt payments less than 36% of your gross monthly income. </p> </div> </div> </div> </div> </div> </div> <div class="aem-wrap--article-list section"> <div class="article-list__wrapper js-article-list__wrapper article-list__wrapper--in-article article-list__wrapper--has-heading "> <h3 class="article-list__in-article-heading"> Article continues below </h3> <h3 class="article-list__heading"> Homeownership articles </h3> <ul class="article-list js-article-list" data-action="articleList"> <li class="article-list__item" data-content-type="Article"> <img src="/content/dam/bmh/article-list/why-your-debt-to-income-ratio-is-important-relatedcontent-268x135.jpg" class="article-list__item__img"/> <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/mortgage-debt-to-income-ratio" data-path="/content/bmh/en/home-ownership/mortgage-debt-to-income-ratio" hreflang="en-US" class="article-list__item__link js-anchor-wrapper t-track-content-tile" data-show-read-time data-bactmln="ItemTile_how_debt_to_income_ratio__dti__affects_mortgages"> <div class="article-list__item__content"> <div class="article-list__item__title">How debt-to-income ratio (DTI) affects mortgages</div> <p class="article-list__item__cta hidden-section"> <i class="icon icon--Article"></i><span class="cta-text">Read more</span><span>, 2 minutes</span> </p> </div> </a> </li> <li class="article-list__item" data-content-type="Article"> <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/5-stages-of-the-home-buying-process" data-path="/content/bmh/en/home-ownership/5-stages-of-the-home-buying-process" hreflang="en-US" class="article-list__item__link js-anchor-wrapper t-track-content-tile" data-show-read-time data-bactmln="ItemTile_this_way_to_a_home_of_your_own"> <div class="article-list__item__content"> <div class="article-list__item__title">This way to a home of your own</div> <p class="article-list__item__cta hidden-section"> <i class="icon icon--Article"></i><span class="cta-text">Read more</span><span>, 4 minutes</span> </p> </div> </a> </li> <li class="article-list__item" data-content-type="Article"> <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/closer-look-at-closing-costs" data-path="/content/bmh/en/home-ownership/closer-look-at-closing-costs" hreflang="en-US" class="article-list__item__link js-anchor-wrapper t-track-content-tile" data-show-read-time data-bactmln="ItemTile_what_are_closing_costs_"> <div class="article-list__item__content"> <div class="article-list__item__title">What are closing costs?</div> <p class="article-list__item__cta hidden-section"> <i class="icon icon--Article"></i><span class="cta-text">Read more</span><span>, 3 minutes</span> </p> </div> </a> </li> </ul> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left hide-from-nav "> <div class="heading-latest__anchor-link js-anchor-link" data-id="what-makes-up-a-monthly-mortgage-payment" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--lg heading--text-black heading--align-left "> What makes up a monthly mortgage payment? </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>There are other monthly costs beyond just <a href="https://bettermoneyhabits.bankofamerica.com/en/home-ownership/5-stage-guide-to-homebuying-terms"><span class="inline-link--black">principal and interest</span></a>. In addition to paying for the mortgage itself, you'll also have to cover taxes and insurance, which may include private mortgage insurance (PMI). These four parts of a mortgage payment are often abbreviated as P.I.T.I.</p> </div> </div> </div> <div class="aem-wrap--image section"> <div class="image image--centered image--bg-pos-center " style="max-width: inherit" data-action="image"> <picture class="image__picture js-image-picture"> <source srcset="/content/dam/bmh/assets/pitichart-buying-ahome-withinyourconfortzone-desktop-en.svg" media="(min-width: 1024px)"/> <img alt="Principal, Interest, Taxes, and Insurance (P.I.T.I.)" class="image__img" role="img" src="/content/dam/bmh/assets/pitichart-buying-ahome-withinyourconfortzone-mobile-en.svg"/> </picture> <img src="/content/dam/bmh/assets/pitichart-buying-ahome-withinyourconfortzone-mobile-en.svg" alt="Principal, Interest, Taxes, and Insurance (P.I.T.I.)" class="image__img--print" aria-hidden="true"/> </div> </div> <div class="aem-wrap--heading-latest section"> <div class="heading-latest display--block heading--align-left "> <div class="heading-latest__anchor-link js-anchor-link" data-id="how-to-get-more-house-for-your-money" aria-hidden="true" tabindex="-1"></div> <h2 class="heading-latest__text headline--lg heading--text-black heading--align-left "> How to get more house for your money </h2> </div> </div> <div class="aem-wrap--text-latest section"> <div class="text-latest" data-cmp-name="text-latest"> <div class="cmp-text list-spacing--default list-height--default bullet-color--black "> <p>There are a couple of ways to reduce parts of your mortgage payment and get more house for your money. </p> <p>PMI is generally required when your down payment is less than 20 percent of the home value. You can avoid a PMI—and reduce your mortgage payment—by saving more for a down payment before signing on the dotted line. </p> <p>Another factor in your payment is your <a href="https://bettermoneyhabits.bankofamerica.com/en/credit/how-credit-score-is-calculated"><span class="inline-link--black">credit score.</span></a> Higher scores can often mean lower interest rates—<a href="https://bettermoneyhabits.bankofamerica.com/en/credit/how-to-improve-your-credit-score"><span class="inline-link--black">improving your credit score</span></a> before you get a mortgage can significantly reduce the amount you pay over time.</p> </div> </div> </div> <div class="aem-wrap--teaser section"> <a href="https://www.bankofamerica.com/mortgage/home-affordability-calculator/" class="teaser teaser-icon-- js-related-content" data-cmp-name="teaser" data-action="teaser" aria-label="Figure out your budget and how much home you can afford with Bank of America’s affordability calculator" tabindex="0" target="_self"> <div class="teaser__content-wrapper"> <img class="teaser__image" src="/content/dam/bmh/product-cta/new-asset-home.svg" role="presentation" aria-hidden="true"/> <div class="teaser__title"> <h3 class="heading-level-6" aria-hidden="true"> Figure out your budget and how much home you can afford with Bank of America’s affordability calculator </h3> </div> </div> </a></div> </div> </div> <div class="row row--text"> <div class="disclaimer js-disclaimer" data-action="disclaimer"> <div class="disclaimer__button"> <a id="toogle_disclaimer_link" href="#" class="toggle-button js-toogle-disclaimer t-track-body-copy-link" tabindex="0" role="button" aria-expanded="false">Disclaimer</a> </div> <div class="toggle-section js-section js-disclaimer-section hidden-section"> <a class="close-btn js-close-disclaimer-btn" href="#" tabindex="0" role="button"><i class="icon icon--action-close"></i><strong class="accessibility-hidden">Close Disclaimer</strong></a> <div class="copy--toggle"><p><em>The material provided on this website is for informational use only and is not intended for financial or investment advice. 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Consult with your own financial professional when making decisions regarding your financial or investment management. ©2025 Bank of America Corporation.</em><br/> </p> </div> </div> </div> </div> <div class="row row--text"> <div> </div> </div> <div class="row row--text"> <div class="up-next-latest js-up-next t-track-up-next " data-action="upNextLatest"> <div> <div class="column column--span-1-1"> <h2 class="up-next-latest__header">What to read next</h2> </div> </div> <div class="js-up-next-latest-results up-next-latest__results"> <div class="column column--span-1-2"></div> <div class="column column--span-1-2"></div> </div> </div> </div> </div> <div><div class="aem-wrap--bottomrail section"> <section class="bottom-rail js-bottom-rail" data-action="bottomrail"> <div class="row row--text"> <div class="column column--span-1-2"> <div class="related-content"> <h3 class="related-content__title"> More from Bank of America </h3> <div class="related-content__items t-track-related"> <div><div class="aem-wrap--teaser section"> <a href="https://www.bankofamerica.com/mortgage/affordable-loan-solution-mortgage/" class="teaser teaser-icon-- js-related-content" data-cmp-name="teaser" data-action="teaser" aria-label="Learn more about the Affordable Loan Solution® mortgage" tabindex="0" target="_self"> <div class="teaser__content-wrapper"> <img class="teaser__image" src="/content/dam/bmh/product-cta/new-asset-home.svg" role="presentation" aria-hidden="true"/> <div class="teaser__title"> <h4 class="heading-level-6" aria-hidden="true"> Learn more about the Affordable Loan Solution® mortgage </h4> </div> </div> </a></div> <div class="aem-wrap--teaser section"> <a href="https://www.bankofamerica.com/mortgage/mortgage-rates/" class="teaser teaser-icon-- js-related-content" data-cmp-name="teaser" data-action="teaser" aria-label="Search today’s mortgage rates" tabindex="0" target="_self"> <div class="teaser__content-wrapper"> <img class="teaser__image" src="/content/dam/bmh/assets/homeequity-icon.svg" role="presentation" aria-hidden="true"/> <div class="teaser__title"> <h4 class="heading-level-6" aria-hidden="true"> Search today’s mortgage rates </h4> </div> </div> </a></div> </div> </div> </div> </div> <div class="column column--span-1-2"> <div class="contact-us"> <h3 class="contact-us__title"> Contact Us </h3> <div class="contact-us__items"> <div class="contact-us__item"> <p>We're here to help. 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