By Mandy Lacey | The Ignite Key Team | The Key Team Real Estate
One of the first questions I ask when someone tells me what they’re approved for is, “What would you actually feel comfortable paying every month?”
Those numbers can be miles apart. When you’re buying on one income, the payment has to fit alongside everything you already pay for and everything you still want to do. If you love to travel, want to keep saving, or just don’t want a broken water heater to throw off your entire month, put that room in the budget before you start looking.
Start with the full monthly cost of owning the home. That includes principal and interest, property taxes, homeowners insurance, mortgage insurance if it applies, HOA dues, utilities, and money set aside for maintenance and repairs.
What does it actually cost to own the home each month?
| Cost | What I’d check |
|---|---|
| Mortgage principal and interest | Ask your lender to estimate the payment for the price and down payment you’re considering. |
| Taxes and insurance | Check the property’s tax information, get an insurance quote for that address, and see what’s already included in the lender’s estimate. |
| Mortgage insurance | Ask your lender whether it applies and how it affects your payment. |
| HOA dues | Find out what the dues cover, what you’ll pay separately, and whether there are any known special assessments. |
| Utilities and maintenance | Estimate utilities and set aside money for upkeep based on the home’s condition and what you’ll be responsible for. |
Once you have a Loan Estimate, look at Projected Payments on page one. Add any costs that aren’t included and avoid counting taxes or insurance twice if they’re already in escrow. The CFPB’s Loan Estimate guide shows where to find those numbers.
Why can two Denver Metro homes at the same price cost different amounts?
Say you’re comparing a townhome in Thornton with a detached home in Brighton. The townhome might have monthly dues that cover some exterior maintenance. The detached home might have lower dues, but you could be responsible for the roof, yard, and exterior upkeep yourself. Taxes and insurance can also differ by address.
That’s why I like to put the numbers side by side. A home with lower dues can still cost more to own, especially if it’s likely to need a roof or furnace sooner. For newer communities in places like Commerce City or Brighton, I’d also check whether the property is in a metro district and how that shows up on the tax bill.
How do you find your comfortable number on one income?
Start with what comes home. Look at your monthly take-home pay alongside what you actually spend on groceries, transportation, debt, and the rest of your life.
Make room for savings and repairs. Give your home maintenance fund a line of its own, alongside emergency savings and the things you care about keeping in your budget.
Look at what you’ll have left after closing. Ask your lender for estimated cash to close, then factor in moving and any immediate repairs or purchases. Think about how much you want to keep in the bank once you have the keys.
Ask your lender to work backward. Give them your comfortable monthly number and ask what price range fits. When a specific home catches your eye, update the estimate with that property’s actual taxes, insurance quote, and dues.
You can make this decision on your own and still have people in your corner helping you run the numbers. If you’re thinking about buying independently in Denver Metro, reach out and tell me which areas you’re considering. I can help you compare what it would cost to own the homes you like and figure out where to focus your search.
Check out this article next
