Understanding What You Can Afford Quiz You've done your research and are well on your way to becoming an informed homebuyer. Now it’s time to test your knowledge. You may even learn something new. 1 Typically, what funds must you be prepared to pay at closing? Funds to furnish your new home Down payment and closing costs Seller’s agent commission Funds for the celebratory lunch question 1/4 Next 2 How much money should you save for an emergency fund? $2,000 Two months of rent or mortgage payments Six months of living expenses You don't need to save if you have a credit card with a low balance question 2/4 Next 3 Which of the following costs must you be prepared to pay as a homeowner? Mortgage payments, property taxes and homeowner’s insurance Utilities Maintenance and repairs All of the above question 3/4 Next 4 What is generally considered a reasonable monthly payment for a home? 15% of your monthly gross income 28% of your monthly gross income 49% of your monthly gross income Whatever it takes to impress your friends and family question 4/4 View Results ★ You scored 0 out of 4. You’re quite an informed homebuyer – great job! Chances are, you have a good sense of exactly what you can afford. Keep up the good work! You’re doing well, but perhaps a bit more time on our site would help you understand how much home you can afford. Knowledge is power! Retake quiz