How much mortgage can I afford if I make $1428 a month after taxes? How much house can I afford in other words
August 4, 2007 · Print This Article
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6 Responses to “How much mortgage can I afford if I make $1428 a month after taxes? How much house can I afford in other words”
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About Me
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.
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There are many mortgage sites out there that have mortgage calculators. Just be careful which one you visit. Your best bet is to go to a realty company site and use theirs. My suggestion would be. Good luck and happy house hunting.
a lender will want your DTI ratio at about 45% ask your broker about Fannie Mae they will allow you to go up to 65% DTI with a good credit score. Just by looking at your numbers I wouldnt go over 100k loan amount
How much house you can afford depends on how good a mortgage rate you can get. There are many factors to consider such as do you have any money for a down payment? If you do not put down 20% of the homes values you will additionally have to pay PMI. ( That is insurance for the lender ) Buying a house is a big step and just looking at how the current market conditions have affected so many people it is always wise to understand everything you can about the mortgage you are getting.
depends and if your the only income and if you have any credit cards, student loans, car pmts if you dont have any of those bills and if your the only income i would say nothing over 120,000.00 and thats assuming you have a credit score of 620 and 10 percent down and if you do have car pmts and cc i would say nothing over 80,000.00
Just in general calcuations, I don’t think you’ll get much, what with considering taxes adn homeowner’s insurance. A quick guess would be a house around $50K that you’ll probably need to put a $5K down payment on. These days you don’t get much house for that price, so be real careful how many problems you’ll be buying with such a house. Bascially that will take up about $400 a month of your income, not considering utilities nor any repairs that come along.
One thing i noticed form the answers above is what state do you live in also depends alot on it eg. a one bed apartment new york for 250,000 or maybe a 3 bed house in south carolina for the same price ..