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“Home Affordability Quiz: How Much Do You Know About Buying a House?”

Leave a Comment / By josephallay7122@gmail.com / October 24, 2025

Welcome to your “Home Affordability Quiz: How Much Do You Know About Buying a House?”

1. What does “house affordability” primarily depend on?

A) The size of the house

B) Your income, debts, and down payment

C) The color of the house

D) The number of bedrooms

None

2. What is a down payment?

A) The total price of the house

B) Monthly mortgage interest

C) The upfront money paid when purchasing a home

D) Homeowner’s insurance cost

None

3. What is a common recommended minimum down payment to avoid private mortgage insurance (PMI)?

A) 3%

B) 10%

C) 20%

D) 50%

None

4. How is the debt-to-income (DTI) ratio calculated?

A) Monthly debts ÷ monthly income

B) Annual income ÷ house price

C) Down payment ÷ loan term

D) Interest rate ÷ 12

None

5. Which of these is NOT typically included in a house affordability calculation?

A) Property taxes

B) Homeowner’s insurance

C) Monthly Netflix subscription

D) HOA fees

None

6. If you have a higher down payment, what happens to your monthly mortgage payments?

A) They increase

B) They decrease

C) They stay the same

D) They double

None

7. What does PMI stand for?

A) Property Mortgage Insurance

B) Private Mortgage Insurance

C) Personal Money Interest

D) Prepaid Mortgage Interest

None

8. What is typically the maximum DTI ratio suggested by lenders?

A) 25%

B) 36%

C) 50%

D) 75%

None

9. Which factor can affect your interest rate on a home loan?

A) Credit score

B) Down payment amount

C) Loan type

D) All of the above

None

10. What is the purpose of a house affordability calculator?

A) To decorate your house

B) To estimate a mortgage amount you can afford

C) To predict real estate prices in the future

D) To calculate property tax only

None

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