Can we afford this house?

I used an internet calculator (that includes mortgage rates, taxes, monthly income, etc.), and it says that I can afford a home worth over $1,200,000. My monthly income is $26,000 - because I am a cardiologist - and my wife's is about $25,000, as she's an anesthesiologist. So together our monthly income is a little over $50,000 a month. My question is simple: is that enough money per month to afford a million dollar home? Our agent says it is, but I don't want to rush the situation. What do you guys think?

Update:

@Global IMRC: How is this a 'game?' It's Saturday afternoon and I don't work until Monday. I'm trying to figure out costs and such because I want to purchase the land before the end of February so that way we can start building in March or April.

3 Answers

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  • 9 years ago
    Best Answer

    I think that you have the money to afford that price point. The only thing would be how much your other expenses are each month. If your other monthly expenses (car payments, personal insurance, eating out, etc) are extravagant then you may notice that making this purchase will make you have to reevaluate how much money you are spending on other things. Overall, I think that it's completely doable and you should enjoy your new purchase!

  • 9 years ago

    Cardiologists don't make $26,000 a year and anesthesiologists don't make $25,000 a year. Where do you live? These doctors generally make between $80,000 and $100,000 a year and higher. Either you're lying, or you live in the poorest no-name city in the US.

    Either way, with the incomes you mentioned, the answer is no. With the incomes of people actually in these professions, maybe.

  • 9 years ago

    If you actually were a doctor you would not be asking a stupid question with an OBVIOUS answer. No doctor has the time for games.

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