how much will two people have to be making in order to pay for a200,000 house and still pay other bills easliy

Answer 1

It really depends and is impossible to accurately say without more information.

How much are you planning on putting down? This will affect your rate and loan amount, both of the factors that combine to equal your monthly payment. If you put 20% down the loan amount on a 200K house is only 160,000 and will have a significantly better rate than putting 0 down.

Ideally you want your total debt-income ratio somewhere in the neighborhood of 36%. Take stock of your monthly payments and figure out how much that is compared to your monthly income. 36% is the ideal put realistically you can go up to the mid-50's, and still be approved for a loan.

If you have any other questions or want someone to do this work for you please don't hesitate to send me an email, I am always up to talk shop, and work for the Midwest's largest private mortgage Bank.

Hopefully I have provided you with some insight.

Answer 2

Assuming you got a good 30 year fixed rate, your payments would be around $1300 for the mortgage. Taxes and insurance will add around $200 more. So let's say $1500. That is 18,000 per year just on the house. You want your payments to be less than a third of your monthly income. So $54000 would be about right. That would leave you with $3000 to pay the remainder of your living expenses. That is actually a tight budget to live on, so to be safe I would say $60,000. Of course there are more questions to consider to. Mortgage program being the biggest. An interest only loan would lower your payments to around a thousand a month. Negative am loans would make it as low as $600. You could also get a worse loan and be paying $1800-$2000 per month.

Answer 3

Some times I don't think it is a matter of affording the payments, it's the little and big things that get in the way, are you prepared money wise if an emergency happens, these seem to be the things that put a person behind

Answer 4

http://Bankrate.com has a number of mortgage calculators.

There are so many variables, loan terms (15-20-30 yrs) Interest rate, insurance, taxes. Then there are other expenses; utility rates in your area, cost of living in your area. Other debt carried... It is a very long list

Talk with a financial planner... privately.

Answer 5

Use a mortgage calculator and plug in the loan amount and the interest rate. This will give you the monthly payment amount and then you can budget from there.

Answer 6

You would have to at least make $100,000.00 dollars a year to live comfortably.