Not sure if you’re ready to buy? Take a mortgage test drive

Many companies offer try-before-you-buy programs or money-back guarantees. Given the huge commitment of a mortgage, why aren’t you treating your loan the same way?

No, you won’t find a lender who’ll put together such an option, but that doesn’t mean you can’t design one yourself. Here’s how to do it.

Run the numbers

Visit with a mortgage lender to determine how much you’d likely be able to borrow. You don’t have to submit to a preapproval process, during which your income and other financial information is verified; the less-rigorous step of prequalification will suffice for this exercise.

You’ll learn how much you’ll need for a down payment, what rate to expect and other factors—points, taxes, insurance—that will determine an estimated monthly payment.

Live your new financial reality

Here’s where the test drive comes in. It’s easy to say you can afford the monthly expenses of property ownership, but it’s different to actually make those payments. So, for three months, you need to commit to your new payment.

For example, say you pay $750 in rent right now, and you and your lender estimate a monthly payment of $1,100 for a mortgage loan. When you write that $750 check to your landlord, take another $350 out of your checking account. You can open another account to hold the extra money, send it to you mother for safe keeping—it doesn’t matter as long as you don’t have access to those funds.

Find a home

While you’re participating in this experiment, see what you’ll be getting for your money. Using the mortgage amount for which you were prequalified, look for a property that you’d like to purchase. Put together a list of wants and must-haves, and see what’s available in the neighborhoods where you’d prefer to buy.

Maybe the monthly payment will be too much, or perhaps the available properties won’t be up to your standards. In that case, you may need time to save more for a down payment or otherwise adjust your expectations. However, if the monthly payment doesn’t break your budget, and you’re excited about what’s on the market in your price range, talk to your lender about taking the next step: preapproval.

You may not be able to test drive an actual mortgage, but this approximation will show you the reality of a mortgage payment without any penalty.