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Catherine K | Can some one afford a houses 250k if he she is making 61k a yaer? |
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fiestyredhead
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Most likely you'll be able to afford it. BUT it really depends on the amount of debt you have and what kind of interest rate you get along with what kind of down payment you can come up with. How much is your car payment? Do you have any other loans? What about credit card debt? Do you have any other income? Pay child support?
I've heard that your house payment shouldn't be much more than one paycheck. |
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starting over
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Be very careful, you don't over extend. It may look doable on paper, but don't forget school and property taxes, which seem to go up every year in the double digits, unlike salary. Don't forget heat, maintenance, insurance.
If you can stay debt free in every other aspect fine, but that may mean driving a 14 or 15 year old car while you save for a new one, because you can't afford $500 a month payment.
It may also mean no vacations, etc.
Of course you can save tons by making your own lunches and your own coffee. Think of starbucks as a bad sci-fi movie. |
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garyely
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You are on the edge, but if your other debt load is manageable, you can do it. A mortgage lender will give you an idea whether this is doable for you. You can also go to websites that allow you to insert your current payments and other financial info which they will use to calculate how much house you can afford. Type "mortgage affordability" into your trusty Yahoo toolbar.
The big thing is to keep your credit clean. If you do so, you will be able to buy any home within reason.
If you don't have 20% for a downpayment, ask your lender about an 80/15/5 mortgage. You put down 5% and you get a first mortgage for 80% and a second for 15%. I did this recently and the extra interest on the second mortgage was less than the private mortgage insurance would have been if I had done a straight 95% first mortgage. |
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bradwoodruff
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Look at it this way.
The total loan payment, taxes and insurance WITH other bills should not exceed 40% of your income. If you like doing things, It should not exceed 40% of your take home.
Also are you married? How would having kids effect your ability to make payments.
Can you have about 3 months of bill payments in the bank? High interest saving account?
It is all about how do you want to live. Remember if everyone is living paycheck to paycheck that is what the housing pricing will be.
I personally feel that 250k on 61k is a little of a stretch.
If your will ask a financial planner or your tax consultant for more information on your finances. |
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Chris T
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Big question without enough information to properly answer you. Depends on your down payment, what country you're in, you're other debts etc.
In Canada, the amount of debt allowed including everything is at max 40% of your gross income. This includes your credit card payments, car loan payments, expected heating costs for your home etc. The amount you can mortgage will also depend on the interest rate you would be able to get and that rate will depend on your credit rating, meaning your beacon score. It's free for you to request a copy of your bureau to see what your score is, but you would still need someone to tell you what rate you would qualify for.
In Canada, your best bet is always to work with a mortgage broker. They can get you deals you'll never see by going directly to a bank.
In any case, you can get at least a ballpark figure using the going mortgage rates you find on the bank's web sites and then using them on a mortgage calculator.
For Canada click on this link and choose Maximum Mortgage Calculation
http://www.mortgagecalculatorcanada.com/#
Here is one for the US market
http://www.nationalfinancer.com/calculators/maximum-mortgage.php |
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Phillip W
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Yes. You have to analyze the specifics, but you should easily be able to cover mortgage payments on a $250k 30-year note with a pre-tax salary of $61k.
For example: a 30-year note at a 6% interest rate will result in payments of $1500 per month. |
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michael m
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If you have no other debts at all and you amortize it over 40 years,yes it can be done as First National has just reduced their 5 year term to 4.95%.I strongly recommend that you use the prepayment option of up to 20% a year on the anniversary date as we do not know where interest rates are going.You may not qualify in 5 years if you do not do this ,if rates rise you may not qualify for a renewal.You might still want to reconsider that price for a house as you what we call in the industry as "house poor".Also if you work on a job then you will need 5% down,self employed you will need 10% down,You also can not owe any back income taxes. |
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sexytrojan
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Yes, but barely. That's about $1400 a month. You probably bring home $2400 a month. This does not include taxes, association fees, insurance, utilities, food, car note, etc.
Keep all that in mind when you talk to a mortgage broker or bank. They will try to get you into something you can't afford, but you have to be realistic. |
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Didi
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It is a general rule that your downpayment plus interest rates should be aboud 30% of your salary. In this case that would add up to $18.3k. Assuming that on average you pay 50% down and 50% in interests, that is $9.15k per year, you would actually need around 28 years to pay for the house. This is a realistic time period. Therefore the answer is YES. But keep in mind that all these calculations assume that you are able to make $64k a year for the next 28 years. |
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blademan82002
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yes ofcourse you can just check the area comps go down to the city and check to see if there is any proposed /future plans near you or where that house actually is cause it could be right in the middle of something good as long as its not county property cause you will probably if lucky break even if they give you the right to imminent domaine crap once you factor move in /out costs its not worth the hassle but as long as your happy with everything and have a credit score in the 640 and higher range you should be able to get an affordable interrest rate to easily make the mortgage payment also make sure that everything is impounded taxes for sure you might find it easier to do the insurance on your own like myself cause i have my autos and house by the same company which entitles a 20% discount everything helps there are lots of little discounts that add up to big savings but nobody tells you about them you must find them on your own.... oh yeah just where can you buy a house that inexpensive any more |
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