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Old 01-24-2011, 01:06 PM
 
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I know there are a lot of variables but generally speaking, how much TAKE HOME INCOME PER MONTH for a couple would you suspect would be needed to purchase a house for $400K with 10% down?
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Old 01-24-2011, 01:08 PM
 
Location: CHI Metro - NYC Metro
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calculator.com - Online mortgage math loan finance scientific health & sports calculators
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Old 01-24-2011, 01:15 PM
 
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Given that your monthly payment with taxes is going to be about $2750, I'd say your take home should be at least $7,500-$8,250/month.

thats what you should have, you'll be able to get a mortgage with much less(as little as 110K-$120K Gross HHI)

http://cgi.money.cnn.com/tools/house...useafford.html
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Old 01-24-2011, 01:17 PM
 
Location: NJ
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Work backwards. Figure how much your mortgage/taxes/insurance is on that amount of loan. Now add in all your other expenses (car loan/food/cable/etc.). Don't forget about 401K or some other means of savings.
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Old 01-24-2011, 01:52 PM
 
Location: West Orange, NJ
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what manderly said. my payment with taxes is around what tdstyles said, i couldn't imagine paying it on $120k gross. but, people do it....
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Old 01-24-2011, 01:56 PM
 
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Depends greatly on your other debt- if you've got no student loans, car payments, credit card debt, etc., you could probably swing it on $120k. With a high debt load, you may need $200k to make it work.

Also depends on what town you're in, as that will influence the property taxes- some towns might have $6k in taxes on a $400k house, while others will have $12k+. That's a delta of $500/month in taxes.
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Old 01-24-2011, 02:40 PM
 
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Quote:
Originally Posted by bradykp View Post
what manderly said. my payment with taxes is around what tdstyles said, i couldn't imagine paying it on $120k gross. but, people do it....

Ditto

I mean it probably COULD be done but why set yourself up to be house poor?
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Old 01-24-2011, 03:16 PM
 
Location: NJ
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with no other debt load and taxes around 10K, i wouldn't do it at anything under $180K a year.
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Old 01-24-2011, 03:19 PM
 
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Originally Posted by tahiti View Post
with no other debt load and taxes around 10K, i wouldn't do it at anything under $180K a year.
That's extremely conservative. I like where your head's at, but thats 25% of take home, I think you could live in that house comfortably with a little less. on the other hand better safe then sorry.
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Old 01-24-2011, 03:52 PM
 
Location: NJ
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Originally Posted by tdstyles View Post
That's extremely conservative. I like where your head's at, but thats 25% of take home, I think you could live in that house comfortably with a little less. on the other hand better safe then sorry.
depends. if you max out 401K's, college savings if you have kids, other savings, travel (or other hobbies), etc - it goes fast.

we're at 1xs salary and it's very comfortable.
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