What are the minimum salaries that one would have to make to afford a mortgage on a house that was approx..400K?
kpny622
Posted:
Member since
Re: Realistic salaries?
my guess is at least 100K/year salary but it also depends on too many factors - how much money you put down for a downpayment, what interest rate you get on your loan, and how much the taxes are, what deductions are taken out of your paycheck, what other debts you have, etc.
assuming you put down 20%, you have a 320K mortgage. at about a 6% loan rate, that's $6/thousand per month so the monthly payment would be a little more than $1800. if taxes are $6000 - that's another $500/month bringing your payment up to $2300
so you have to then add all your other payments and expenses and figure out if you bring in enough take home to cover it
butterfly20
Posted:
Member since
Re: Realistic salaries?
it really varies.... we used Excel plugged in all our estimated expenses for a house, going on the higher end for estimates. then would plug in taxes and yearly mortgage payments.. we would compare that to our net incomes to see how much was left over(savings)......
....the mortgage payments would also be based on how much we were putting down, because some houses needed more work than others........
