Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Try realtor.com or any bank site. They usually have calculators that tell you what your payment will be. There are also affordability calculators that tell you based on your income, rate and down payment how much house you can afford. The 2nd calculator is usually based on 28% - meaning your mortgage can not exceed 28% of your monthly income. Some will include in taxes and insurance.. others do not. So do a few to get a general idea.
The bottom line, I'm sure you can get one somewhere... the real question is whether or not you can really afford it and if you really should take that big of a loan. THAT, is a question you can't have answered in this forum. You will ultimately need to figure that out based on your living expenses, other loans, etc.
Location: Wherever it is, I am sure it is cosmopolitan
674 posts, read 804,895 times
Reputation: 138
Quote:
Originally Posted by strawberryfield
I don't think you should be asking if you can get a mortgage with your salary--you should be asking yourselves if you can afford that!
Exactly. Even if you can swing it numbers-wise, why be mortgage poor?
Do each of you make 125k each, or is that combined income? 'Cause I am single and make about that, and would never buy a 500k property...
I wouldn't buy a town house, buy a house. In a townhouse, your buying walls. In a Home your buying the walls plus land. I would wait until after Christmas and see how the market is. Probably better.
He's in Queens, it's a little bit different from the rest of the country.
Townhouses/condos/co-ops are pretty much what people buy in the NYC boros, a house can easily run over $1M
Even at 6%, you're looking at roughly $2,700/month in P&I on $450k. Add in taxes (lets throw in $6k/year- that may be too low), and throw in $300/month for HOA- you're looking at $3,500/month, which is likely right around 50% of your take-home pay- do you really think that's wise???
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
