Monthly Mortgage Payment?

Question

My Fi and I make a combined monthly income of about $6500.

Are monthly expenses, including student loans/car payments/utlities is about 2K a month. That's everything.

About how much should are monthly mortgage be?

Answer 1

Your mortgage plus your student loans, car payments and other debt shouldn't be more than 36% of your income. Utilities, food, gas money and other expenses and savings are the other 64% But your budget isn't just whatever they will loan you. Only you know your total goals so if you just started the car payments or the car is 15 years old and still has payments but you know it needs replaced buy less house, if you know your wages will double next year stretch to get the house you like. Knowing you are pregnant with twins and plan to quit your job to stay home will cut your income in half isn't something that will stop them from loaning more than you can afford.

Answer 2

Everything is considered in a mortgage loan application. What your mortgage will be goes according to a number of things. IF!! everything is in good standing and in good order, you can figure the PRINCIPAL to be about 1% of the price of the house. Your credit rating is just ONE of the contributing factor. of a mortgage loan. Since you are not married, you will both have out an application if you are both going to be responsible for the repayment. You can, however apply on your own, if you make enough money and just have the other one's name on the title. (Not recommended) Your numbers look good. You can get answers on our workbook page @ www.OwnPartofTexas.com. My name is Bill

Answer 3

It actually depends on your value of your home, credit, and which loan program your in with your mortgage.

Maybe try checking out a lender around your area and get a good rate.

Answer 4

You seem to have a very high debt load, when excluding your housing.

At this point, you can only afford about $1200/mo. on the high side.

I'd try to find ways to reduce your debts before taking on more.