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CB C | Can I afford this home? |
I make 1800 a month with taxes and health benefits taken out. My bills add up to 1400/month (Utilities, Gas, Food, Phone, 300 in savings). Mortgage would be around 750/month. Can I afford it? Is it cutting it slim? |
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Landlord
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Does the 1400 include rent? Even then you need to earn (before taxes) about 3k a month, and I do not think you do.
You should go over your expenses. I support a family of 5, including 2 teens on less then that (not including mortgage). |
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Maggie G
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Ideally, your mortgage I including real estate taxes and homeowners insurance should be no more than 25% - 35% of your monthly take home pay. 35% would put you at $630
With your proposed budget, you only leave yourself $100 per month for transportation, entertainment, etc. I think you are cutting yourself very thin, but if you are single, have no car expenses or credit card bills, you can probably get by for a short while. |
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walkinandrockin
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Yes, but it is kind of tight - so budget closely. Make sure that payment includes your housing taxes and insurance - and count on those increasing some. Also know that you will want or have to do improvements and/or repairs on your home - so work in an amount for those upcoming items.
It is not fun to have to replace a/c or a roof with not enough money to make it happen. Other things add expenses as well - lawn maintenance, usually more in utilities, replacing worn out appliances, etc...
I don't want to scare you - just make sure you have a realistic look at all expenses that you may have. $300 a month should cover all of this, but would reduce overall savings |
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reenzz
 |
You may be able to swing it, but no lender will give you a mortgage unless you bring up your salary. |
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ecshclark
 |
A standard qualifier used for loan applications is the mortgage payment should be no more than 1/3 of a persons gross income (before taxes, deductions etc..). So you would need a gross income of $2,250/month. You say you net $1800, so looks like you're right there. But consider if that $750/month payment includes property taxes and insurance, which could be another $200/ month? Most likely there will be other bills such as water, sewer, garbage and city/government taxes that you currently do not directly pay if you rent. That could be another $50-100/ month. And of course if you become a home owner (actually a home borrower) you are responsible for all maintenance and repairs, and the bill that comes with that.You did not say what your rent is right now, but I'm assuming you are saying that you will not have $300/month savings if you buy. I can see your actual payments per month by buying being well over $1000/month. And be careful about being told you can write off the interest paid on your taxes. To do so you must do an itemized tax return. And you have to be able to come up with enough other itemized deductions on your tax return so that itemizing is to your advantage. And remember, the value of housing is declining and will continue to decline for at least another year or two, maybe more. Hold out for something more affordable, where you can maintain the $300/month savings plan. Based on the limited information you provided, the answer is... "No, you can not afford that much mortgage!" |
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Just say no!
 |
I would say no. There is no way (IMO) that you should even CONSIDER paying 1/2 of your take home salary to one bill..even if it IS your mortgage. Now if you plan on having a roommate/renting out a room that's a diff story but on your own you can't handle it. Do not kid/fool yourself that is WAY over your head. |
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Pengy
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No would not do it, does the $750 include taxes and insurance? If not you are way out of your ballpark, add the fact that homes need repairs. Lets face it your gross is around 26K a year you should be looking at around 1/2 that payment |
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Alterfemego
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While you have some previous answers to mine, what that can't consider is your whole financial picture. And most will only solicit your business by providing a link. Be careful of the links, some have tricks behind them.
I suggest you talk with several lenders in your area. They each will have similar but different programs and you must consider each one to your financial situation. So asking the question here doesn't get you remotely close to the correct answer. And when you are looking for a home, you need to know the facts. Not some educated guesses. |
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RM
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You should never spend more than 30% of your take-home pay on a mortgage payment. In your case, you can't afford more than $540.
You would never have any leftover money for savings at the end of the month. If you can't afford to pay a mortgage and put money in savings, the house is too expensive. |
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Just Me
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I would say yes you can afford it but, you should really look into what you do, in terms of do you have good job security. I would probably do it though. You save 300 bucks a month too, so sure why not. Go for it and get the home you want. Good Luck. |
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