if i am making about 10,000 dollars a month before taxes, how much is a safe amount to spend on a house payment?
2006-12-30 14:01:40 · 7 answers · asked by David J 1 in Business & Finance ➔ Personal Finance
depends where you live. In NYC you need $40K-$50K/year for each $1K rent/month. so here $2400-$3000 (which is a nice 1 bedroom in manhattan)
2006-12-31 09:15:40 · answer #1 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋
The above is right. Salery alone is not enough to determine how much you can afford in mortgage payments. You also have to consider your other debts (car, credit cards, student loans) along with the size of your family (7 kids vs 1, for example).
Go to your local banker and talk with them frankly about what you can borrow and afford to pay. They will be honest with you and give your a realistic number.
2006-12-30 22:34:34 · answer #2 · answered by kny390 6 · 0⤊ 0⤋
It would be comfortable to have a 36% debt to income ratio. Once you add up your current minimum payments, see how much is left to take you up to the 36% level. Don't include utilities, insurance or doctor bills. Just credit cards, installment loans, student loans etc.
2006-12-31 18:54:30 · answer #3 · answered by folklore 7 · 0⤊ 0⤋
The mortgage guideline used to be about 28 percent of your income could be used for housing. If that's still the case, then $2,800 per month would be the maximum rental you could qualify for.
2006-12-30 22:10:46 · answer #4 · answered by Joseph J 2 · 0⤊ 0⤋
30% of salary with no debt, 38% of salary with debt (credit cards payments, car loan, etc...)
2006-12-31 01:36:20 · answer #5 · answered by Steve R 6 · 0⤊ 0⤋
How much total debt you have is also something else to be considered.
2006-12-30 22:09:43 · answer #6 · answered by starting over 6 · 0⤊ 0⤋
10,000 a month??? Can I live with you???
2006-12-30 22:09:48 · answer #7 · answered by mary2148 4 · 0⤊ 0⤋