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Hi,
Just wanted opinions from forum users on how I can start preparing for buying a small family home down the line. I am in the range of 50-60k per year salary and not sure if it will hike up soon .. and can save a max of 1000 per month. Location will be mostly Houston or suburbs.
If I am planning a home for 250000, what are the likely calculations for downpayment, monthly payment, taxes etc.
with 20% down, that means you'd have a $200,000 mortgage. roughly $1,000/month P&I. i don't know what insurance or property taxes in houston are, but i don't think that sounds unreasonable on a $60,000 annual salary. That's roughly 20% of gross income, dedicated to P&I.
Granted, I believe my P&I + insurance + property taxes = about 17% of my gross income. but in texas he doesn't have state income tax, which in NJ, is probably about 3% of mine. not sure how else to balance it out.
it's definitely on the higher end. but not unreasonable.
Besides the obvious, saving for a downpayment, you want to make sure your credit score is in the good or excellent range to get the best interest rate. There are tools now that help you analyze your credit score and show what needs to be improved. Many people think having no debt is a good thing, but that's not necessarily true when it comes to your credit score. You need to have open lines of credit with minimal utilization and a history of on time payments too.
I am not sure why everyone say too much for the salary? with interest rates the way they are today and 20% down you can have a mortgage in the $1500 range, that sounds reasonable???
I am not sure why everyone say too much for the salary? with interest rates the way they are today and 20% down you can have a mortgage in the $1500 range, that sounds reasonable???
i think it's on the high end of "affordable" for the salary, but i think it's doable. people on this board are often very conservative. which isn't a bad thing.
I am not sure why everyone say too much for the salary? with interest rates the way they are today and 20% down you can have a mortgage in the $1500 range, that sounds reasonable???
I think a 1500 monthly mortgage payment on a 60K salary is asking for trouble. Adjust your expectations to your income.
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