HELP!!! how much do you have to make to pay for a 200,000 mortgage?

Question

We pay 866 a month for a 103,000 mortgage, We plan to buy a 300,000 dollar house. We will get 100,000 when we sell our old house. My husband makes 4,000 a month and when we move I will also have a job. Will that be enough? How much is a 200,000 dollar mortgage a month?

I don't have student loans, The only thing I have is a house payment and car payment. plus utilities about 250 a month.

how about a 170,00 mortgage?

Answer 1

$200,000 at 6.00%, roughly the going rate for a 30 year fixed rate loan today, would be $1199.10 per month, principal & interest. Add taxes and insurance to that, which I guess could be anywhere from $350-500 per month combined, depending on your area.

Assuming a worst-case $1700 total housing payment, that's 42.5% of your husband's gross monthy income (I assume that $4000 monthly was pre-tax earnings?). If so, it doesn't leave you much room for any other debts.

But as long as you don't have much other debt, and you can bring in another couple grand a month, you should really be in good shape. That $1700 payment would only be 28% of your combined gross monthly income if you're making $2000 per month. 28% for a housing payment is the historical standard benchmark for where that should be. And that'd leave you sitting better than most people nowadays.

Answer 2

170,000 @ 6.250 30 yr fixed is 1051.44 P/I not including taxes and homeowners insurance.

200,000 @ 6.250 30 yr fixed is 1236.15 P/I

170,000 @ 6 rate 30 yr is 1024.19 P/I
200,000 @ 6 rate 30 yr is 1204.05 P/I
This is just a estimate - ok - Just depends on your credit. You could get a lower interest rate or it could be higher - it is all based on credit. It is up the Lender what they offer you.

You can go to any website, type in mortgage calculators, and it will show you your loan payment with you putting in different rates. All lenders are different. FHA rates are about the same, some variations by about a .25 to the rate, depending on the lender. Look at www.bankrate.com

Also,
Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 add that amount into your payment - If you are going FHA (taxes and HO insurance has to be included in your payment)

Lenders do look at your DTI (debit to income ratio). ANything that you are paying on (credit card, auto, etc) that is on your credit report is considered into your debit ratio. Utilities are not included into your ratio.

Check out: www.hud.gov

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out

Answer 3

866 a month for a 103,000 loan means
866x2 a month for a 103,000x2 loan means
1732 a month for a 206,000 loan

866 seems high for a 103K loan. Hopefully that includes taxes.

Are you really going to clear 100K from your house? I guess it will sell for around $220K (you say you have 103K mortgage that you have to pay, and the real estate person will get around $13K, and there will be other closing costs).

Answer 4

A 300K house is beyond your means. Haven't you been paying attention to all the people getting financially ruined when they try and buy more house than they can afford?

Find out what interest rates you will be able to get, decide on how big a monthly payment you can afford (REALLY afford, not just barely scrape together the money to pay), and that will decide the maximum price of the house that you can afford. Then find a house for that much.

Answer 5

According to the budget rule of thumb, you shouldnt pay over 27 percent of your income for housing. That would give you about $1600 a month for mortgage, utilities, property taxes and upkeep.

If you can stay below that, you're fine.

Answer 6

From what you have said, you will have $100,000 - equity in the new house. I have a Mortgage of $192,000 and the mortgage is $1,300 per month without ins & taxes. $1,650 with all payments, this number times 3 equal $4,950.

This is livable, it is the bad habits that I have (family expenses) that cause me to have tight months.

Answer 7

I currently have a mortgage of $216,000, with all insurance and such rolled in. I pay $1,440 per month. But this an adjustable rate, which I'll have to move out of before 2010, when my payment will jump to $1,900.

Answer 8

our mortgage payment on 200,000 is around $900 but it all depends on your down payment and interest rate and the area you live you. call a bank or loan place and see if they can do a scenario for you to give you an idea of what to expect. good luck

Answer 9

For what your husband makes a month, I would go for a mortgage of $1,300.00 a month. If it takes 2 jobs to keep the house, you could be putting yourselves at risk if one of you lost your job.

Answer 10

Your income should be 3 times that of the mortgage. Thats what they look for. Good Luck.