It can be easy to get hung up on saving up for a down payment when you start thinking of buying a home, but you should also consider the monthly costs when you start shopping. How much mortgage can you afford? If you’re buying a $350,000 house, you put 10% down, and you get a 30-year mortgage with an interest rate at 4.5%, your monthly mortgage will be $1,596.06. It’s worth playing around with a mortgage calculator to see what you can afford. You’ll also need to consider the cost of homeowner’s insurance, any building or association fees, and general utilities. It’s important to consider all of these while you’re saving to buy a home, because it could influence how much you choose to save. The bigger the down payment, the smaller your monthly mortgage will be.