Ok, so I took a look at a mortgage calculator just as an example...
Terms:
$250,000
30 year
7% interest rate

Monthly payment: $1663
My take home pay per month will be ~$5000
So my monthly note would be about 33% of my pay

I know there are still utilities, home insurance, etc...but does the monthly payment seem reasonable for my income?

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Posted by ManiaTiger

Houston

Member since Jul 2009

97 posts

Posted on 9/16/09 at 12:39 pm to OTalter

Note I am no mortgage guy - As you near buying home, mortgage person can give you estimates and pre approve you for an amount - given your income I don't even think you could get a home that size

In my opinion way too much home...estimate property tax at 3% (depends on county) would add around $625 to the $1,663 not to mention you still have utilites and might estimate home owners dues/insurance at another $250 per month. I would say you might want to focus on the 150-175K - of course extremely hard if not impossible to do inside loop

I have some good material I can email you for first time buying of home if you want to leave your email...it has some tools to use and lingo to read up on

Anyhow, I live in Katy if you ever want to see that area - new Bakers Street is a plus

Also, LSU ALUM has great chapter in Houston - lsuhouston.com

This post was edited on 9/16/09 at 12:42 pm

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Posted by barry

Location, Location, Location

Member since Aug 2006

50381 posts

Posted on 9/16/09 at 3:13 pm to OTalter

quote:
So my monthly note would be about 33% of my pay

too high, and you don't have insurance or property tax. A good rough estimate is that your monthly housing expenses will be ~ 1% of the cost of your house. So probably closer to 2500 a month.

Also mad props for getting a job that pays that much straight out of college.

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Posted by LSUDad

Still on the move

Member since May 2004

59005 posts

Posted on 9/17/09 at 8:49 pm to OTalter