If I have $60K available for a down payment and closing costs, no loans whatsoever (no car payments, no credit cards debt), excellent credit, and can afford to pay $2,000 a month in mortgage and tax alone (before utilities), what is the maximum market value of a house or condo (assuming I can afford $300-400 condo fees) I can buy?
2007-03-17 23:41:44 · 6 answers · asked by browneyedgirl 6 in Business & Finance ➔ Renting & Real Estate
There are a lot of excellent mortgage calculators online. Here's one that's pretty good:
http://www.mortgagecontent.net/scApplication/fanniemae/specificPayment.do
Just remember that you'll be wanting to save money in order to do all those home renovations which renters don't need to think about. Unless you're buying a condo, which the condo fees should cover.
2007-03-17 23:50:25 · answer #1 · answered by charmedchiclet 5 · 0⤊ 0⤋
To figure this out, your monthly income info is required. I would suggest you go to your bank's website and use their mortgage calculator. One other note, what you can buy, land values etc are important to know as real estate values fluctuate from market to market. Calgary has seen a huge increase in average prices compared to other markets.
If I were you ( I am a former agent), book an appointment with your lender to get pre-qualified. This info will be helpful in your buying process...
2007-03-17 23:46:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Try this mortgage calculator. You can change the variables of interest rate, amount financed, term (# of years), and monthly payment result will display. Find out your property tax rate and multiply it by the sales price. Divide that by 12 to find your monthly tax. Don't forget hazard insurance, the lender requires you to have it. It varies by where the property is located.
I tried out your numbers above and it seems like $300,000 is affordable.
2007-03-17 23:54:26 · answer #3 · answered by Rainman 5 · 0⤊ 0⤋
You should pick a lending institution and get a pre-approved mortgage. This way you will know for sure and there won't be any questions. Also when you put in an offer for a property, the pre-approved goes a long way. Again no questions such as can she afford it.
2007-03-18 05:22:25 · answer #4 · answered by ttpawpaw 7 · 0⤊ 0⤋
Find a good mortage calculator-try http://www.bankrate.com for some of the best info. Without knowing your income it is hard to say but with the info you gave you should be in the 250,000-300,000 range as a guess for a mortgage.
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2007-03-18 04:36:11 · answer #5 · answered by annalisa.fontana 2 · 0⤊ 1⤋
With the basic info u provided and with your credit rating i would say around $200,000
2007-03-18 00:08:12 · answer #6 · answered by keep_out85 2 · 0⤊ 0⤋