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to afford this house about how much do you and your spouse need to be making?

August 14, 2008 · Print This Article

how much house can i afford
jaysangel040106 asked:


to afford a house that is 292,000 how much income do you or you and your spouse need to be making in order to comfortably afford a house that costs this much…take into account having 2 cars and some student loan debt and maybe being able to remodel at some time to make some upgrades..thanks

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Written by william · Filed Under Afford 
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Comments

6 Responses to “to afford this house about how much do you and your spouse need to be making?”

  1. Miles C on August 15th, 2008 7:33 pm

    1/4 of the house cost is a rough estimate

    $300,000/4 = $120,000

  2. spotthecat000 on August 16th, 2008 5:03 pm

    Try to spend less than 30% of your monthly income on housing. That’s a big first house, though.

  3. Amy H on August 18th, 2008 4:08 pm

    I don’t think 1/4 of 300,000 is 120,000. More like 75,000. It all depends on your debt, too. Our home was more than that, but we had some down and my hubby makes about that (I’m a full time mommy), so I would say at least 70,000ish. Good luck.

  4. barb j on August 19th, 2008 11:27 am

    According to Dave Ramsey, it should never be more than you can pay off in 15 years.

  5. Andrea T on August 22nd, 2008 4:20 pm

    As said already, your payments should not exceed more than 30% of your monthly income.

    But you didn’t mention the most important question: how much do you have for a down payment?

  6. golferwhoworks on August 24th, 2008 11:33 pm

    it all depends on the amounts owed and months remaining on all accounts as to how much. I would need a lot more information. The monthly debts must be included in the total debt to income. Now the student loans should once graduating should be consolidated into one fixed low interest rate with Sallie Mae.That will help some since that interest is tax deductible for the life of the loan. Your bottom or total debts with the house note should not exceed 45% max

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