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How big a mortgage loan can I get??

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Regular Contributor

How big a mortgage loan can I get??

Wife and I are looking to buy and have tried several online calculators but they all seem to give different amounts to how big a loan we could get. If any professionals are on the board our income is $7600 (gross)/month and the only loans we have are car loans totaling $1000.  Any idea on how much we could get?

Message 1 of 7
6 REPLIES 6
Super Contributor

Re: How big a mortgage loan can I get??

7600 * .45 = 3420 mtg pmt

income * approx max debt ratio = max mtg pmt

 

subtract 1000 from that and you could get a 2420 mtg pmt

 

i dont know how much taxes are there..... or if you are in high risk insurance area.

so, while i can give you a max pmt.... i cant extrapolate that into a purchase price without all of the other data.

 

also... how much down?

 

 

Retired Lender
Message 2 of 7
Regular Contributor

Re: How big a mortgage loan can I get??

We will probably try for an FHA loan.  Have $10000 to put down.  We are looking in NC and a roundabout figure for taxes would be $2000 with insurance at $600.  Not in a high risk area..

Message 3 of 7
Valued Contributor

Re: How big a mortgage loan can I get??

Probably something in the 300k range.

Message 4 of 7
Super Contributor

Re: How big a mortgage loan can I get??

300 - 350

Retired Lender
Message 5 of 7
Senior Contributor

Re: How big a mortgage loan can I get??

Jus tmake sure you can afford it in the long run and not just in the next year or so. I am not saying you can't, I am just saying that a lot of people for some reason don't think far ahead

Message 6 of 7
Valued Contributor

Re: How big a mortgage loan can I get??

Typically over time your mortgage payment gets easier to pay. When I bought my first house, I maxed out what I could buy. Then over the next 10 years that payment felt cheap to me.

Message 7 of 7
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