Cheap is lower and affordable is reasonable by means of cost.
Cheap and affordable both are synonyms of low price. However, it depends upon the quality of service that matters a lot even some high price web hosting services do not provide quality services.
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Found this while searching cheap vs affordable. Not exactly an answer, but I thought you might enjoy it.
http://forum.wordreference.com/threads/inexpensive-vs-cheap-synonyms.1466492/
This is an example of the "double register" in English. We often have two words which mean the same thing, but carry different connotations. The polysyllabic word, usually derived from French or Latin, sounds more cultured, refined, polite, while the monosyllable, usually from Anglo Saxon, sounds more blunt, direct, and sometimes crude, offensive, or obscene.
That's why cheap can mean poor quality as well as low price, where inexpensive refers only to the price.
Here's an example of the old children's song Three blind mice translated (as a joke) into the upper register
Three blind mice,
See how they run.
They all ran after the farmer's wife;
She cut off their tails with a carving knife,
Did ever you see such a sight in your life
As three blind mice?
Three rodents with defective eyesight,
Observe how they perambulate
They all pursued the agriculturalist's spouse;
She amputated their caudal appendages with an acute instrument,
Did ever you observe such a spectacle in your existence
As three rodents with defective eyesight?
In pairs having to do with bodily functions and parts, the short word can be obscene or offensive, while the long word can be used in polite conversation or medical terminology:
This is why we use the expression "four letter words" meaning offensive words.
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