What's the most expensive house I could afford comfortably? Or is there not enough info?
-My credit score is 780
-I have $100,000 for a down payment
-my yearly salary is $53,000
I live a pretty cheap lifestyle. I don't have kids, don't go on vacations, and I never really buy expensive things.
- SlickterpLv 73 weeks ago
You can borrow about $160K, so you could pay around $260K.
- Christin KLv 73 weeks ago
No, there's not enough info. You didn't mention where you are house-shopping at all and it makes a HUGE difference. Decent credit score, good down payment. But how long have you been at that present job? Your lifestyle does not matter to a lender--unless it shows you have a lot of credit debt. You don't mention that either. You also don't mention if you're married--even without kids--or single. How much house you can afford is based on all of the above--not just a credit score and a down payment.
- SCATTY cLv 63 weeks ago
To get accurate advice, talk to a mortgage broker
- MaxiLv 73 weeks ago
You potentially could borrow x3 your salary so 159k add the 100k so your total amount would be 259k
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- curtisports2Lv 73 weeks ago
Impossible to be accurate here, because property tax is the big unknown variable that affects your purchasing power. Using $200k as a ballpark number on a house, the annual combined town, county and school taxes in my area would be roughly $750 a month - that's right, over $8k a year. In one of the states in the southeast, they might be as little as $250 a month. That $500 a month difference you aren't paying for taxes will buy a lot more house at current interest rates. At 3.25% for 30 years, about $100k more house.
If you have an idea of where you would be buying, find out the average property tax on a $200k house there and update.
- Anonymous3 weeks ago
Assuming you have no debt (i.e. credit cards, student loan, car loan, etc.) about $260k
- Anonymous3 weeks ago
Oh my God stop bragging
- MamawidsomLv 73 weeks ago
Most real estate websites have a mortgage calculator. Based on your salary, you can afford about $1000-$1500/month for your mortgage, insurance, taxes etc. So, that probably means a loan amount of around $200K -- depending on the exact rate and the length of the loan. So that would mean around a house price of no more than $300-$350K.
As a home owner you have to take into consideration not only the mortgage but also taxes and insurance. Plus you need to have some money set aside in case you lose your current you and or your house needs a major, unexpected repair. You also want to continue to money into savings/retirement.
As someone else noted, you probably don't want go for the most expensive property you can hope to afford -- that puts you on thin ice if anything happens.
Feel free to meet with a lender/mortgage broker who will pre-approve you for a maximum loan amount.
- SimplytheFACTSLv 73 weeks ago
you shouldn't aim for most expensive, you need to balance what you can manage with savings for retirement and emergencies.
if it were me, I would still with a max 160K mortgage with 20% down (on a 200K house).....and keep the rest of the saves