What kind of mortgage can I afford with $3,000 a month?
- Common SenseLv 76 months ago
That all depends on your income to debt ratio. If you have loans or credit cards or hospital bills, the lending institution recognizes that (debt) money as unavailable to use to pay the monthly mortgage payment. So, for a better chance at more borrowing power, pay off all of your debt so you will have the money freed up for a mortgage payment.
It is impossible to know what you owe to your creditors, if anything. So, you make $45K a year. Go to your bank and see a loan officer to get an idea of what your borrowing power is. Don't ask to fill out a mortgage loan because there are fees involved with that. Just ask a basic question to see if you can borrow enough money to buy the house you are thinking about.
- motivatedjay_c0mLv 56 months ago
They are going shoot for $108, 000 loan... So run the numbers & see if you can afford that if not then go lower to your comfort level
- Jeff TLv 66 months ago
I would shoot for something below $800 a month. For a 15 year, that comes out to roughly $100,000 plus whatever you have for a down payment.
- JudyLv 76 months ago
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- sunshine_melLv 76 months ago
No idea. As your deposit, existing debt and credit rating, are also relevant.
Also; $3k total income? or $3k disposable income?
- Anonymous6 months ago
You have 3k/month income total or you have 3k/month you can afford to spend on housing?
Your question is not clear.
You also gave zero details about how much debt you have, your credit score, how much cash you have for down payment, etc.
- curtisports2Lv 76 months ago
That depends on how much other fixed debt you have, and how much annual property tax is on what you want to buy. Without knowing those numbers, anything anyone tells you is meaningless. People will tell you that $36,000 a year means you can get a mortgage of up to three times that, but too much debt and high property taxes can push that number MUCH lower, and too much debt alone could mean you don't get a mortgage at all.
- Kim RLv 76 months ago
Depends on the size of your down payment and what your other debts are. Do you have a car payment, student loan payment, unpaid credit card balance, etc.? If you have $20,000 saved for a down payment, and have no other debts, then you may be able to afford a house that costs about $120,000, also assuming a decent credit score. Any extra debts will make that number go downward.
- Anonymous6 months ago
One with a total payment of $840-1000. Including property tax & pmi. Id try to stay at or below $900.
- MarkLv 76 months ago
Did you ask a mortgage specialist, or did you just come here?