Can I Afford a home with a low down payment in New Jersey?

Mortgage and Lending with TD Bank 466521


Can I Afford a home with a low down payment in New Jersey?

The very first question that you should ask yourself when investing in real estate is: “Can I afford this House?” Though the concept is straightforward, there are a lot of factors that are going to affect your choice. It is best to stay prepared and get some background research done so that you have a head start on what range of houses you should be looking into. Aside from rough calculations and estimations, online calculators are also a great tool in finding how much of a house you can afford.

Basic Points to Consider

The first thing that you will need to look out for when buying a home is getting qualified for a mortgage loan. Getting a mortgage loan approved depends upon several factors, including:

  • Your monthly income
  • Your credit score
  • The down payment you put in
  • Any existing debt on your account etc.

Aside from these basic factors, the current situation of the housing market also has a large impact on your mortgage loan. These include the mortgage term you select, the current interest rate of the market and any mortgage insurance you opt for if your down payment is less than 20%.  This basic information can be entered in a mortgage affordability calculator online which will provide you an approximate figure of how much the house is going to cost you and what amount will you have to pay for it each month. Based on these numbers you can figure out which houses to look for and how much loan can you afford within your current income.

Get in Touch with a Bank

While using an online affordability calculator can provide you with approximate numbers only, consulting a bank will provide you an exact figure of how much you need to invest for the house that you are looking for. The mortgage pre-approval process is therefore a more helpful and viable choice. It saves you from any unexpected surprises down the road and helps you find a home that you not only like but also are able to afford in the long run. 

Make a Practical Choice

Remember that the pre approval amount and any other calculations that you make provide you with a maximum amount that you should not exceed when buying a home. However, it is always a good idea to think proactively and make an informed choice that does not max out on your current credit possibilities. Instead of burdening yourself with a down payment and monthly installments that barely leave you room for savings, you can look for houses that stay within your budget and also give you the opportunity of saving up for the future. For a preapproval or to review your monthly payments go to .


Advantages of Choosing a More Affordable Home 

If your mortgage payments are lower, you can also pay up your loan faster which saves you thousands of dollar’s worth of interest. Furthermore, you can also use the extra cash to add up on amenities and upgrades to remodel your home! 

Choosing a more affordable home also provides you with peace of mind and financial stability later on, especially if the rates increase in the future or any other unfortunate circumstances arise. This way, you will be able to keep up with the payments in case of any financial upheaval and the risk of losing your home altogether decreases substantially. A little planning today goes a long way in securing your finances and your home in the future! Therefore, the next time you start thinking whether or not you can afford buying a particular house, make sure you consider all these factors before making a final decision. Good luck and happy house hunting! 


The first thing that you will need to do when buying a home is getting qualified for a mortgage loan.


Some Awesome Facts about New Jersey!

New Jersey has the most diners in the world.

Atlantic City New Jersey the longest boardwalk in the world.

Newark Liberty International airport is the nations busiest airport.

The Pulaski Skyway was the first skyway ever built.

The first baseball game was played in Hoboken, New Jersey.

The Statue of Liberty and Ellis Island are actually in New Jersey.

There are more Cubans in Union City, New Jersey than Havana, Cuba.

The first medical center was opened in Jersey City, New Jersey.

Can I afford a house with a low down payment  in New Jersey was posted Tony Busanich a loan officer with TD Bank, a portfolio lender from Maine to Florida. You can trust TD Bank to deliver a superior mortgage experience. Whether you’re purchasing or refinancing, we provide straightforward, easy-to-understand products and advice, allowing you to make smart borrowing decisions that meet your needs today and tomorrow. My web site at includes mortgage rates updated every morning. You can run different scenario that  include monthly payments, different programs and closing cost. Please contact me at 732-306-2231 or by email at and on my web site at   

Comments (3)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tony, especially first time buyers, having a good stash for a down payment is tough, they need to give you a call.

Feb 15, 2022 12:04 PM
Tony Busanich
TD Bank - Freehold, NJ

Thank you Joan Cox for stopping by my post. Wish you all the best. 

Feb 15, 2022 12:38 PM