I make $19.00 an hour can I afford to buy a $170,000 house?how much would my monthly payments be?would I need?
November 25, 2008 · Print This Article
Alfonso M asked:
I am looking to buy a house wondering if I could get some advice im In los angeles looking to buy a $170.000 house I make $19.00, ,how much would my monthly payments be,how much would I need for a downpayments,any good advice?
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I am looking to buy a house wondering if I could get some advice im In los angeles looking to buy a $170.000 house I make $19.00, ,how much would my monthly payments be,how much would I need for a downpayments,any good advice?
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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.
first go to a bank and see if you can get a morgage.
they will tell you everything on payments and such.
i think that making 19 you can affort a house at that price.
where i live a good house goes for +300 000 and i think i can affort it making around as much as you do.
good luck,
Hello,
At $19 an hour you make $3,293.33 a month, with no other expenses, yes you should be able to afford to buy a $170,000 home, your monthly payments would be ruffly $1300 a month, that includes taxes, mortgage insurance, haz insurance, this is going through fha financing, which is 3% downpayment =$5100, which you can ask seller to pay,,, the max amount of home you can buy would be around $200,000 that brings your debt to income ratio to 46% .. I hope this helps
Yes you can buy a house 4 that price …your payments all depend on the interest rate of the loan. And good credit is key. Down payment needed can vary. But or course the more you save the better.
First of all the guy above is telling you what you make without taxes being taken out so no you really dont make 3000.00 a month –Second you also have property taxes you have to pay for and also home owners insurance and increased utility bills to pay for–I would think about this a little bit you will be living paycheck to paycheck that is for sure!-Not to mention the dang gas in LA is crazy expensive– Much more to pay on a house besides the mortgage
Just because you can afford a $170K home doesn’t mean you should buy one. You are better off applying for pre-approval for a loan for an actual idea of just how much you’ll pay for mortgage and taxes for the area you are seeking to buy. There are many other costs of home ownership besides just the mortgage. You’ll need house insurance and quite possibly PMI (private mortgage insurance). Consider repair and emergency costs. Think about moving costs. Think about furnishings. The amount of your down payment also depends on your interest rate, credit rating, and other factors. How long do you plan to live in the home? What’s the neighborhood like? Do you want a 15 or 30 year loan? How stable is your job? There are many things to consider besides just the cost of something that you want or need.
To really figure out if you can afford the house try putting the amount that everything would be into savings each month.
One of the other answerers said it would be about $1300 per month for that house. He is correct. To have the payment of $1300 per month though you will need to put at least 20% ($34,000) down on the house. If not you will be paying PMI, which would run about $60-70 per month depending on your credit rating.
Try taking $1350.00 per month and putting it into a savings account. See if you can do that for 1 year. If you can do it for one year, and not touch the money for anything, then you can afford a house in that price range. If you see yourself dipping into the money for anything…and I mean anything, then you can’t afford that house.
If, at the end of 1 year you have not touched the money, take it and use it as part of the down payment for the house. You should have over $16,000 saved. That’s half of your down payment!
Good Luck!