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Started By
Message
re: How much home can I afford?
Posted on 1/11/22 at 7:03 am to TigerTatorTots
Posted on 1/11/22 at 7:03 am to TigerTatorTots
quote:
Gross Salary: 110K
quote:
Technically you could "afford" a $600-700k
What?
2
Posted on 1/11/22 at 7:10 am to thegreatboudini
quote:
Gross Salary: 110K
quote:
Technically you could "afford" a $600-700k
What?
quote:
Available for down payment: 100K - 125k
This is how.
Also, I would recommend putting no more than 5% down on a house. Interest rates are too low to invest more than that and PMI isn't as bad as people want to think.
Keep 6-9 months in some type of accessible accounts for emergencies and put the rest into investments.
Rule of thumb is generally try to stay under a total value of 3x your annual income. There are other ways to break this down, but that seems to work well for me. You also need to consider tax and insurance rates where you want to live as these can vary substantially.
This calculator can give you a more detailed assessment.
This post was edited on 1/11/22 at 7:16 am
Posted on 1/11/22 at 1:43 pm to thegreatboudini
quote:He takes that salary to the bank with no debt and they will give him an approval letter for probably $750,000. That is why I put quotations. What the bank says you can afford and what you should buy are completely different.
What?
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