I was wondering if you think the chart in the article is an accurate reflection of the amount of money you need to buy a house. If it is than DH and I should give up on trying to save for a house on LI!
julz33
Posted:
Member since
Re: Do you think this article is accurate?
In my personal situation it is not 100% accurate... our monthly income is slightly less for the house we *might* be buying, but we are putting more down and have virtually no debt. It varies from person to person.
IMO it looks like a pretty good estimate.
bride04
Posted:
Member since
Re: Do you think this article is accurate?
The article was dated 1999 so that chart is based on 7.5% interest rate with paying 2 points. I think right now you can do a lot better on the interest rate without even having to pay points. So, I think you should be able to afford more than what the chart says. It's also based on 10% down, which is not really necessary. Based on the chart, our monthly income is a lot higher than what it says we need for our home.
dcwife
Posted:
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Re: Do you think this article is accurate?
I didn't even notice the date on there-- it was on the yahoo home page so I thought it was recent.
