Would I be able to afford this house if I have a large down payment ready?
December 28, 2008 · Print This Article
PlayDaily asked:
If I make about $3k-$3.5k a month, and am interested in purchasing a house of about $300k, would I be able to afford the monthly payments if I put down a down payment of $150k-$180k?
If this is not possible, about how much would I need to make in order to make this happen?
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If I make about $3k-$3.5k a month, and am interested in purchasing a house of about $300k, would I be able to afford the monthly payments if I put down a down payment of $150k-$180k?
If this is not possible, about how much would I need to make in order to make this happen?
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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.
The mortgage yes, the taxes upkeep and utilities NO!
as long as your credit is good and your employment is secure, it looks to me like the numbers work out.
It depends on how much other debt that you have. As long as you don’t have a lot of debt, it seems you should be able to. A lender will be able to give you a better idea.
Here is a link to a mortgage calculator to give you an idea how much your payment would be.
Remember you will have home insurance and property taxes that need to be taken into consideration. With the size your down payment, you can choose to have those escrowed with your payment or pay them on your own.
Good luck!
That all depends on your OUTGOING not your INCOME. Also keep in mind TAXES and HOMEOWNERS INSURANCE, any other insurance you may have, utilities, food for month and any unknown bills you may have or will have..plus repair costs. But in general if you have money saved in the bank, have a large monthly income and a sturdy job; it sounds like you may be able to afford it…just don’t cut yourself short!!
Not quite enough info to answer the question but I think this will help. A $150K loan at around 6% interest will yield you payments at about $899 not including home insurance or taxes. You can usually get tax info from the county and insurance can be quoted by any insurance agent. Be sure to add that in and take into account your other bills and you should be able to get an idea of whether you can afford it or not.
With an income of around 38,000 a year, you can afford a total payment of NO MORE then $800 a month.
A 300k house with 180 down would run about
720 for loan (at 6% 30 yr)
250 for taxes a month
60 for in
total payment is 1030. PLUS the upkeep and electric, etc.
I WOULD SUGGEST THAT YOU DO NOT BUY THIS.