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Gross monthly income is about $6700. Take home maybe $4500 to $5000. With 20% down ($60,000) you'll be financing $240,000. At 2.65% on a 30 year mortgage your monthly P+I is $967. Figure out what the annual property tax and homeowners insurance will be, divide by 12 and add that to your P+I. Even if that puts you at $1200 to $1300 per month you should still be able to easily afford a $300,000 home.
Be prepared to pay, on average, about $4000 in closing costs, either in cash or roll it into the loan. You can refigure the loan with this calculator:
Advice? Here's some that you should follow for a lifetime. Other than your house, stay out of debt. You want a car, pay cash. Buy cheap until you can save up for a better one. Want to buy consumer goods, don't use credit cards unless you are able to pay the balance in full as soon as you get the bill.
Gross monthly income is about $6700. Take home maybe $4500 to $5000. With 20% down ($60,000) you'll be financing $240,000. At 2.65% on a 30 year mortgage your monthly P+I is $967. Figure out what the annual property tax and homeowners insurance will be, divide by 12 and add that to your P+I. Even if that puts you at $1200 to $1300 per month you should still be able to easily afford a $300,000 home.
Be prepared to pay, on average, about $4000 in closing costs, either in cash or roll it into the loan. You can refigure the loan with this calculator:
Advice? Here's some that you should follow for a lifetime. Other than your house, stay out of debt. You want a car, pay cash. Buy cheap until you can save up for a better one. Want to buy consumer goods, don't use credit cards unless you are able to pay the balance in full as soon as you get the bill.
Good advice.
Builds up your credit score too!
Congratulation OP. It looks like you can afford a $300K house!
I’ve never bought a house before but looking to purchase soon for the first time and was wondering if I’d be able to afford a $300K house?
Currently my annual is $80K and I plan to make a down payment of 20% with interest rate of around 2.65%.
I do not have any debts or any other outstanding payments.
Has anyone purchased in a similar scenario and any advice?
Thanks!
Looks like you've gotten some pretty good advise already. AND, looks like you're in really good shape. Texas is a great place to buy...what city? As long as you have 2 years continuous job history and your credit is good...you're on your way to owning your first home. Congratulations!
Depending on what part you're in, property taxes can kill you. I'm in the Austin area, and the amount I pay in property taxes each year is not more than my mortgage.
Looks like you've gotten some pretty good advise already. AND, looks like you're in really good shape. Texas is a great place to buy...what city? As long as you have 2 years continuous job history and your credit is good...you're on your way to owning your first home. Congratulations!
If you are in Houston, expect the lowest property tax on a $300,000 house to be around $8,600 a yr. This is assuming a tax rate of 2.89% and an assessed value of $300,000. This is on the very low end. Expect it to be more. If you as south of I-10 and closer to the SE side, expect HOI to be around $2500/yr.
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