I'm nowhere near ready to buy, but want to do so in about 4 years. I hope to save $40,000 at the very least. I want to figure out how much I can afford on a monthly mortgage with my and my husband's projected income 4 years down the line. We live in a major city and will probably be stuck getting a condo to start with, so I have to factor in condo fees.
Thnx!
2007-07-10 03:53:47 · 6 answers · asked by Cheryl W 4 in Business & Finance ➔ Personal Finance
www.bankrate.com has a mortgage calculator. It allows you to put in your expenses, income, as well as expected tax/insurance on properties in your area. It will give you the amount you can pay per month based on your income and other bills as well as tell you what price range you can buy in with $X downpayment.
2007-07-10 03:56:40 · answer #1 · answered by sortaclarksville 5 · 2⤊ 0⤋
It's a lot bigger question than just income. You also have to take into account what other financial obligations you have, and your desired lifestyle.
Talk to a realtor - they can probably give you some rules of thumb. Then figure on staying well BELOW what they say you can afford if you want to have money for anything else.
You can find a mortgage calculator at http://www.bankrate.com/brm/mortgage-calculator.asp - there are many more on the Internet. Remember that this is just principal and interest, and your payment will also include taxes and insurance. If you can save $40,000, you should be in very good shape to get a mortgage.
2007-07-10 11:01:21 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I find that banks allow you to borrow more than what's really a safe amount to have as a mortgage. If it's too high there's no space to have extra funds for surprise expenses like a vehicle breaking down or house fixes.
I use a budget program (CalendarBudget.com) that allows me to enter all of my expenses and income. I can then look forward on any given day and see how much will be in my account on that day. I think this program could help you by allowing you to enter all of your expenses and keep updating it as time goes on to be sure you are on the right track. You can further use it to spend less in different categories so would have even more in the long run for putting down on your house/ condo.
We used the program to see if we would be able to live on only 60% of our income and have to change any of our current living standards. We found we just had to cut down some on our savings and cut out extra mortgage payments.
See the blog on CalendarBudget that talks a little more about avoiding needless expenses.
2007-07-10 13:13:23 · answer #3 · answered by Robin 2 · 0⤊ 0⤋
yeah go to any realty site or just type in home mortgage calculator in your browser.
You really need to figure out how much all your monthly expenses are to see how much you can afford.
2007-07-10 10:55:57 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Let me know cuz I want rent
2007-07-10 10:55:24 · answer #5 · answered by joyce 5 · 0⤊ 2⤋
There is no site
2007-07-10 10:57:14 · answer #6 · answered by Anonymous · 0⤊ 2⤋