howmuch mortgage loan/ home price i can afford

[jacklivehere]

hi,

i am earning 100k per annum,  and trying to see if you have any suggestion on how much mortgage loan i can afford to pay?

Thanks

Message Edited by jacklivehere on 02-24-2010 10:23 PM

Message Edited by jacklivehere on 02-25-2010 07:57 PM

[Anonymous]

1st thing, that is more a question for you ti sit down with bills and a calculator to decide.  BUT, having said that....

We would need to know alot more info to even venture what a reasonable amount to you would be...

FICO

Cash for Down Payment 

Income (pre and past tax)

Expected monthly real estate taxes and home insurance  

bills

reserves

retirement situation

level of risk

stability of job

long term goals

As you see, this is not the type of stuff you usally divulge online.  So the standard is that you should no be more than about 25% of your gross income towards mortgage and no more than 35% for all debt.  If you tend to run higher debt levels and/or are a more financially conservative person then you should keep the number lower. 

[Lel]

To add to mickie's list, any homeowners association fees would also be considered.

Other debt payments - credit cards, auto loans, student loans - are also taken into consideration for loan qualification.

[jacklivehere]

Thanks for advices.

[MattH]

http://www.bankrate.com/calculators/mortgages/new-house-calculator.aspx