Do you want to buy a home but are having a hard time determining how much you can afford? There are a few major factors you need to take into account:

• Mortgage Payment- How much do you feel comfortable paying each month.  Here is a loan calculator to figure out how much your mortgage payment would be- http://www.derekheppe.com/Mortgage_Calculator.php  Please keep in mind that you need to determine what current interest rates are.  The interest rate can affect your mortgage greatly.  Currently, I would use a 4.35% to 5.5% interest rate to determine your approximate payment. Play with the rate to see how much it can affect your monthly payment.  Paying by weekly payments is one way to greatly reduce the interest paid over time.
• PMI (Private Mortgage Insurance)- If you are planning on putting less then 20% down on a home most times you are going to have this added to your mortgage payment.  It's based on credit, so it can vary greatly.  But expect to add $100.00 or more to your monthly payment.  There are loans that don't require PMI, but you have to qualify for the program. For example Rural Housing Loans (100% financing).
• Insurance- Insurance can vary greatly as well depending on location.  Factors such as flood and wind zones, home size and location, credit all play a part in how much your taxes will be. I typically tell people to figure between $1000-2000.00 for insurance depending on what deductibles they feel comfortable with, etc.  If the property is in a flood zone, flood insurance may be required by the lender and would be an additional expense. 
• Taxes- Property Taxes can vary dramatically depending on whether or not you are planning on making the property your primary residence, second home or investment property.  The very best way to determine what your taxes will be is to call the Tax Assessors office directly.  Don't base what you think you will pay off of what the current owner is paying because their circumstance's may be different then yours. 
• Closing Costs- A buyer will have to pay Attorney fee's ($450.00-600.00), Title Search ($270.00-350.00), Title Insurance ($3.00 per every $1,000.00 is a rough average),  HOA or POA dues (Homeowner Dues are pro-rated at usually pro-rated at closing), and additional lender fee's(many times there is a loan origination fee).

Working with a qualified REALTOR can save you time and money in the long run.  I can assist you with all aspects of the buying process and can do a lot of the leg work for you. If you are not currently working with a REALTOR and would like assistance please feel free to contact me anytime.  I would be glad to assist you with the purchase of your new home or investment property.  Contact me http://www.derekheppe.com/Contact_Us.html  Or call me at (843)655-5777.  View all Myrtle Beach & surrounding area property for sale at http://www.DerekHeppe.com .