How much house can a civil engineer afford?
February 27, 2008 · Print This Article
Trevaris L asked:
I he is making around 56,000 how much house can he afford as in being able to live in comfort and pay the mortgage utilities and a car note. what price of a house should he buy?
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I he is making around 56,000 how much house can he afford as in being able to live in comfort and pay the mortgage utilities and a car note. what price of a house should he buy?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
Google “mortgage calculator.” There are a number of them on different websites that allow you to try out different situations.
The rule of thumb is 3 times your salary.
Most lenders use a 28%/36% rule. So basically your monthy mortgage payment should be no more than 28% of your gross monthly salary or your total bills including your rent should be no more than 36% of your gross monthly income.