per month to buy a house worth $300,000??? Any help would be great!
septbride
Posted:
Member since
Re: How much do you need to make...
Well there are a lot of factors involved... like what are the taxes on the house, what are you going to put down & what interest rate do you expect to get, do you have other debt like student loans?
I think the best thing to do is to find out what you can afford to pay towards a morgage payment each month and work backwards?
nov04LIbride
Posted:
Member since
Re: How much do you need to make...
Posted by septbride
Well there are a lot of factors involved... like what are the taxes on the house, what are you going to put down & what interest rate do you expect to get, do you have other debt like student loans?
I think the best thing to do is to find out what you can afford to pay towards a morgage payment each month and work backwards?
I agree. Plus keep in mind the closing costs which are usually around $10,000, either paid upfront or added on to the mortgage.
DjPiLL
Posted:
Member since
Re: How much do you need to make...
If you have absolutely zero debt... no CC bills... no student or auto loans... to afford a 300k loan you would need to make about 100k household salary.
Thats assuming you are putting down about 20k (not including closing costs) at a 6% interest rate.
Just go on century21.com and use their affordability calculator to do the numbers yourself.
verdila
Posted:
Member since
Re: How much do you need to make...
I think that's assuming you put down 20% not 20k and have little to no debt and you get a good interest rate. And property taxes are an issue as well.
I think you would need to earn about 80k to be comfortable if you meet all of those criteria...
