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I make a little over $50,000 a year "before taxes" and have about $1400 in monthly bills can I afford a House? |
I am looking at a $150,000 house and being a first time home buyer I dunno what utilities usually cost and all that. I have good credit so can I afford to buy a $150,000 house making $50,000 a year with $1400 a month in bills. EX: car payment, cell phone, line of credit loan, internet. probably not that sized mortgage until you get any loans or credit cards paid off. The mortgage and tax payment plus your monthly credit payments must usually be less than 36%-41% of your monthly gross income (yours is about $4300/month gross x.41 = 1763. The mortgage pmt with a 7% mtg would be around 1200 - depending on the RE taxes, which leaves 563 for all your other debt pmts each month - this is a very rough estimate - your mtg may be lower depending on downpayment - expect to need about 4% of mtg in cash up front for closing costs in addition to any required down payment, plus house inspection, d\radon test, termite test,and more You can't afford NOT to have a house. It makes no sense to be paying rent when a house payment is cheaper, and you build equity. As to the loan amount, it depends. Take into account that as a home owner, you will have unexpected expenses and upkeep that is currently covered by your rent. At 50K a year, you bring home about 3K a month, so you don't want a house payment to exceed 25%-30% of that, if you want to live comfortably. Happy hunting! (Oh, you can request info like the previous years power bills when you find a suitable home. Most sellers are happy to disclose anything you want to know.) Maybe a out house. |
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