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?
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?
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..
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
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.