if I earn 60,000.00 usd, what type of house can I afford, price wise?
What value should I look at? Can I afford a 200,000.00 dollar house?
- suzb49Lv 61 decade agoFavorite Answer
Type "mortgage calculator" into your browser and then pick one of the sites offering one. You can find out there what your payment will be on any price home. You will want to add the taxes and insurance into the mortgage and the calculator can't factor these in, so it is best to go a little lower than you can actually afford to compensate. Adding the taxes and insurance can save you headaches trying to come up with that money all at once.
- 4 years ago
The best answer would come from establishing a budget. How much to previous loans. How much to future retirement. How much to on going expenses like beans and biscuits. How much to vacations.... The best weight for housing is no more than 30% of your net each month. Figure about 6k per month after taxes. Don't forget SS and Medicare, they won't. That puts monthly payment for house at 1800, since that should include property tax and insurance a guess would be 1200 for mortgage and interest. That equates to a 240k loan at 4.5% which would entail a 50k down payment to avoid PMI and therefore just under 300k house.
- lorijotxLv 51 decade ago
Depends on what part of the country and what other bills you have. You'll have the regular utilities to go with the house for starters. Then you have car payments, car insurance, credit cards..... etc.
Here in San Antonio, cost of living is low. That type of pay can get you an upper $100k easy enough, that is getting to our 'high end' unless you are looking at the Dominion which is where our Spurs basketball players live. Those are mid $200k and on up.
- A WLv 61 decade ago
No. On the high side, you can afford $120,000 house. If you have a lot of bills such as credit cards, loans, car payments, etc, it is even less. You should never borrow more than twice your annual income.Source(s): I am a mortgage loan officer and have been for 12 + years.
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- Kristy LynnLv 61 decade ago
You'll be able to afford a $200,000 house, but you have to budget in the taxes. The taxes usaully make or break a deal.
Here in NY, taxes are very high. i.e. $8,000 a year so that will bring your monthly payment up almost $800 a month.
If I was you, I would aim for a cheaper house (or condo) for $150,000-$175,000.00
- the dLv 61 decade ago
oh sure, do you have atleast 10% down. i'm guessing your payments including taxes and insurance would be around 1500 per month for a 30 year fix.