What is the max $ i should spend on a house?

Question

If my income is 45000 to 54000

I would be in Dallas, TX

Answer 1

Okay the aswer is this;

$45,000 = 3,750 monthly
Example of monthly bills (car, credit cards etc.) = $600

subtract your bills from your monthly income = $3,150

Now divide by 2 because most mortgage companies will not lend more than 50% of your montly income less your bills. This leaves you with $1,575 now don't forget this has to include taxes and insurance too so your mortgage payment would probably be around $1,200 (in this example) if your interest rate was 7% than you can afford a house with a price of $179,000 over a 30 year term. Hope I didn't confuse you too much! Good luck!

Samantha

Answer 2

If it's just your income I wouldn't want a mortgage over $1500.00
and even with that you would have to live thrifty.Myself I like to enjoy life. I would need funds available to do other things not just house. Outside of mortgage,utilities, car and insurance Etc.. I want to splurge and enjoy movies, theater,shows, vacation and then there is repairs and remodeling and believe me I configure all that in the plan so I am @ about $200.000-$300.000 and we all know that is hard to find with the rising cost of homes these days but take your time and once again it depends on how u want to live Remember with a home comes alot of responsibility it'll keep u digging in ur pocket. So make sure u have something to pull out.

Answer 3

It depends on the real estate taxes. High tax areas can sap your buying strength. It also depends on how you plan to finance it, either with a 15 year conventional, a 30 year conventional, or an ARM. For me, I get paid twice a month, and I didn't want my house payment to exceed 50% of my take home pay. You will qualify for more home than you can afford, so make sure that you don't bite off more than you can chew.

Answer 4

I'd keep your monthly payment to about $1000 considering you have no other debts (car payments, loans, etc....) Every $10,000 your house is is a $100 payment. If you get a $45,000 house, your payment will be roughly $450. You can call any morgage company & they can add up your debt to income ratio & give you a ballpark figure of where you should stay in terms of a payment.

Answer 5

I am sure you don't mean here in California!

If you worked 7 days a week and did not eat or drive and lived to be a hundred you "Still" could not pay off one of these homes!

They are super over priced!!

Consider 10 years income as a maxium "full Price" for a home.

Answer 6

it depends on where you want to live ... in the country you could buy a nice place on a large lot for 150,000 ... near the city the same house would be 3-400000 ... you lose no matter what going into debt so the best bet is to get a house in an area thats guaranteed to have a large increase in housing value so in 5+ years or so you can sell it and win big ... realistically i wouldnt go over 200000 myself with ur income and hopefully you can sell whatever you get for double in a few years and buy somthing close to outright .

Answer 7

You need to sit down and figure out what you spend on all of your bills, not forgetting things like entertainment, hair appt.'s, doctors appt.'s, etc. When buying a home, you also need to remember things like homeowners insurance and property taxes which are usually all added into your payment. You should probably sit down with someone who does mortgages for a living and help you figure out what you can afford. Good luck!

Answer 8

It depends where U R from where I live you need a income of 100,000 just to aford the down payment

Answer 9

You should only spend what you can afford in monthly payments. Talk to a loan officer or mortgage specialist and they should be able to help you.

Answer 10

No more than 35% of your combine take home income.