2006-12-11 05:10:34 · 5 answers · asked by blue turtle 2 in Business & Finance ➔ Renting & Real Estate
It's awfully tough to know for sure, but assuming you finance 100% at 6.5% (broad estimate), you'd have total debt service of $1265 per month. Add to that your property taxes, likely $150-200/mo., and your assocation dues, which can vary widely between $125 upwards of $400 per month.
Assuming a minimum monthly payment of $1540, using $150 for tax and $125 for dues, you'd need to be making $37,000 just to keep yourself under 50% debt-to-income ratio. That's assuming you have zero credit cards, car loans, student loans etc...
And that would leave you pretty strapped to cover your utilities, food, gas etc...
So, bottom line, I wouldn't consider it unless you were making at least $40,000. And even then, get a 2-3 bedroom unit and find a roommate to offset some of your payment.
2006-12-11 06:06:34 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I am a licensed Mortgage Banker in all 50 states. All the answers above are not very good or accurate.
Here is the formula.
Take all your fixed payments (the ones you have to pay every month) Credit Cards, Car, etc. Not rent, electric or phone.
Calculate your new payment:
200,000 loan amount with NO DOWN PAYMENT
$1330 payment
$250 for Homeowners dues
$110 for Private Mortgage Insurance
$100 for Property Taxes
$1790 for you condo.
Add in your fixed bills.
Multiply that by 2.25 and that's how much you should make a month to afford that condo. If you are putting money down, you'll get a better rate and your payment will come down.
If you have NO FIXED DEBT. The answer is $48,000.
2006-12-11 14:24:42 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I,m maybe fourty thousand I,m guessing
2006-12-11 13:42:56 · answer #3 · answered by pattibcacl 6 · 0⤊ 1⤋
No less than $50k per year.....
2006-12-11 13:45:15 · answer #4 · answered by boston857 5 · 1⤊ 0⤋
See: http://www.vlender.com/cgi-bin/calc/howmuch.cgi
2006-12-11 13:13:39 · answer #5 · answered by Mark H 4 · 0⤊ 1⤋