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legendaryfrog | I earn $120,000 annually and would like to know if you think i can handle a $750,000 house for 1 year.? |
Additional Details
keep in mind that its for only
<1 year.
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Joe T
|
$750,000 with 0 down at 6% on a 30-yr fixed will leave you with a $4,500/month payment (on your ~$6,000/month take-home). After a year you'll have paid off (essentially) 0 principle. That leaves you with $1,500 for utilities, maintenance, insurance, etc. on the house. Plus food, car, etc. for yourself.
Typically, mortgage brokers won't (or shouldn't) give you a loan with a monthly payment that's > 25% of your monthly income.
Why risk it? What's the incentive for having this huge albtross around your neck for a year? |
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jenn04201
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Well why would you only have it for 1 year. Are you planning on renting? Otherwise you need a down payment etc to purchase |
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Paula M
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Not a chance, even before taxes and insurance your payment would be just under $5K/mo.
You don't bring that home at $120/yr.
You'd be comfortable at $350K house or under, assuming you are not swimming in other debt. |
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HH@20
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Depends on how you use you money. Do a spending plan. You can find a number of them on line. My planner has one on his website, www.hfhplanning.com. |
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lizfj1
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I have a house that's worth at least $750K, and I work part time. OOPS, I left a few things out, I have owned and sold many houses in my lifetime, and flipped the profit from one to the next, bigger and better. I have a good chunk of change in the bank for the place I am at, (which is well over one years expenses,) and a slew of stuff to sell if I needed to. My part time pays my reasonable mortgage and expenses. OOPS, the answer to your question is NO! |
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Lori A
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There are creative mortgage options in markets where housing is this expensive that may reduce your payment but there are other considerations. What are the property taxes on that house? In my area, taxes alone on that house would be aproximately $23K a year! That's nearly $2000 a month on top of your mortgage and insurance!
I also don't recommend the more creative options because you don't really reduce the loan. Current market conditions in many cities (and most notably the most expensive markets) are in an overinflated condition. This means prices are likely to either stagnate or drop over the next few years. This means you could end up owing more on the house then it is worth.
Also loans of that size are usually harder to obtain. You are not likely to be able to finance 100% and maybe not even 90%. Do you have $150K plus closing costs to put down?
Lastly if you expect to be there for only one year, you are probably best not buying at all but renting as the odds of you not losing money over that period of time (remember that to sell the house you will also incur a realtor's fee) are pretty small.
As to your income and the ability to afford that amount - you don't mention what your debt load is or whether or not you have a family.
A standard rule of thumb is that your housing payment should be about 25% of your gross. This puts you in the range of about $2500 a month. That amount needs to cover your taxes, any hoa and insurance.
I'm pretty certain that without a really fat down payment, you're not going to buy $750K no matter how creative the financing is. |
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Kathleen
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$120,000 is very nice, but it is not going to be enough for a $750,000 house. Absolutely not. Your house range ought to be more in the $175,000 to $300,000 bracket. You would end up struggling and regreting anything more. Only look at houses in that range. Really get out there and weed through them. Have a knowledgeable realtor help you sift through. Narrow it down to what you know you will enjoy AND can afford. The peace of mind that you have knowing you can afford your lifestyle is critical to your health, happiness, and well-being. |
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ZCT
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Probably not. Generally you want to buy a house that costs no more than 3-4 times your annual income. What is the point of over extending yourself on a home you can hardly afford so that you cannot buy the other cool things in life like furniture. |
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tonalc1
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Your question is confusing. Do you mean you want to buy a house and only have it for a year, then sell it?
You'd have to put down a large down payment. Your monthly payments on the mortgage would be about $3,000-4,000. Plus all those closing costs, fees, etc. |
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watersprings
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If you have to ask then I would say probably not. |
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psoeffing
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I don't think that you should even consider getting a house that expensive at this time. The stock market is down, investor confidence is down, the national debt is up, and, in general, real estate is currently overvalued. You probably could not even qualify for a mortgage for a $750,000 house.
People in the real estate profession predict a decline in prices very soon. Oh, and don't forget that as mortgage rates increase, the price of houses goes down. Interest rates are increasing and will continue to do so for the foreseeable future. |
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Tessie
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mortgage payments on $750,000 would be about $6-7000/mth, depending on terms and down payment |
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