How Much House Can I Afford
June 19, 2008
There are several factors in determining how much “you think” you can afford to borrow versus how much the bank or lender decides you can afford.
All these factors are rated when asking :”how much house can I afford” -
- Income
- Debt
- Interest Rates
- Job longevity
- Credit rating
- PMI
Amongst others, but these are the biggees.
Use this handy calculator to get a general idea on how much house you can afford.
Survey: How much are your mortgage payments?
April 17, 2007
dundi asked:
I have seen mortgage calculators saying big loans are for small payments. How? I would like to know about 30 year fixed loans for homes between $100,000 and $300,000. How much is your loan and what is your monthly payment? Including insurance, taxes and pmi (if applicable)? Please say what city and state you are in. Thanks!! Extra advice appreciated.
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I have seen mortgage calculators saying big loans are for small payments. How? I would like to know about 30 year fixed loans for homes between $100,000 and $300,000. How much is your loan and what is your monthly payment? Including insurance, taxes and pmi (if applicable)? Please say what city and state you are in. Thanks!! Extra advice appreciated.
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How to REALLY know how much house I can afford?
February 9, 2007
Atlas asked:
OK I know this has been asked many times, but the main thing I want to know is why do they say X% of your GROSS pay should go to housing instead of X% of your NET pay? I live in an expensive area, and spending around 26% of my monthly GROSS pay on mortgage+insurance+taxes (no PMI) is the only way I can buy any kind of house. If I used the 30-40% of NET pay formula I wouldn’t be able to afford a shack. So what is the story? I don’t want to be house poor, but the amount leftover after tax/medical/dental/401k deductions is much different than the gross income!
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OK I know this has been asked many times, but the main thing I want to know is why do they say X% of your GROSS pay should go to housing instead of X% of your NET pay? I live in an expensive area, and spending around 26% of my monthly GROSS pay on mortgage+insurance+taxes (no PMI) is the only way I can buy any kind of house. If I used the 30-40% of NET pay formula I wouldn’t be able to afford a shack. So what is the story? I don’t want to be house poor, but the amount leftover after tax/medical/dental/401k deductions is much different than the gross income!
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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.