07.22
I am getting reading to purchase my first place. Over the years I have saved 100K for a down payment with money left over. I make roughly just under 37K a year gross. I project without taking into consideration monthly mortgage payments and home insurance that my other bills and monthly expenses would probably be around $877. That’s based off of what others have paid and during the winter months when it’s colder.
I have looked at mortgage calculators online and my head is spinning on what I can afford. I know a house of $150K would still leave me with money to put in the bank each month, which I believe I can get a house for that I saw today.
Maybe someone can give me an idea how much mortgage I can really afford so I avoid getting into the financial troubles that people are in now. I am single and I would be the only income. The places I’ve looked at have taxes usually around $3600. Obviously the lower the townhome the lower the taxes.
I know with the $150K example with expenses I would have left over close to $600 a month.
Thanks!
I am pre-approved, but I just want to get a feel of what you tell others when they apply for a mortgage. So really this is a how much can I afford type of question.
Diana
Bernice
33% of your monthly NET income is the high end of what you could afford as a payment to a lender.
if you take home 1000 a month, then your mortgage payment would be 333 dollars.
you do not “tell” others what YOU can afford. they will figure out WHAT they will lend you based on your income, time on job, credit payment history, etc.