Can I afford a home and how much can I afford?

Question

I make about $49,000 by myself before taxes and only have a student loan of $344 a month. All my credit cards are paid off. What can I afford pricewise?

Answer 1

I would guess the maximum would be about $200,000. Here is why:
You can probably afford to make a $1600 PITI payment (no more than 50% of your income for PITI and other debts)Depending on the taxes and insurance, that might leave $1350 for P&I. If you have no down payment, there are some good 100% financing options. You can expect to pay around 6.875% for a 100% loan. That would equal about a $205,000 price/loan for a $1350 P&I payment.
See my 360 for more information on mortgages.

Answer 2

Probably around the high 100's low side 200's.

Divide your income by 12 mos =4083

4083 x 55% mo=$2245.45
55% is your max payment allowable (if excellent credit we might get up to 65%

$2245 - 344 (unless you can show long term deferment)=$1900 max monthly

Get a prequalification to find out specifically with your credit scores. Doesnt cost anything, doesn't obligate you and it a perfect buyers storm.

Good Luck!

Answer 3

49,000-(344*12)=44,872; 44872/12/3= $1,246.44
Assuming you'd pay $400/mo. on property taxes and home insurance. Your monthly mortgage payment can not exceed $850.00. You can be qualified for a loan of $130K, on the conservative side.

Answer 4

Since you dont have any information about a down payment, credit history, etc, here is a link to an online calculator that will answer your question. Fill in the blanks, and you'll get your answer.

http://www.hughchou.org/calc/howmuch.cgi

Good Luck
ED

Answer 5

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Answer 6

Here you go fill i the blanks
http://calculators.aol.com/tools/aol/home01/tool.fcs