The Most Accurate Way to Calculate How Much House You Can Afford. While it may not be the most succinct answer to the question of how much house you can afford, below is the most accurate way to determine if you can afford a home.
You Cannot Afford a $350,000 Home with a $75,000 Household Income! I am simply setting aside $100 a month for this but this can jump radically if you need major service like a roof replacement. In the budget we also have only one car payment at $300 per month and we’ll also assume that this car is highly fuel efficient. Maybe a Honda Civic or Toyota Corolla.
If I make 38k a year can I afford a 250k house? I am a 28 yr old single mother of 1 three year old. I have student loan debt of 13k, no credit card debt, own car outright, and currently renting an apt for 670 per month.
You can afford the mortgage payment, but you don’t have the downpayment yet. It also sounds like you wouldn’t have an adequate emergency fund immediately after you bought the house. For that reason, I’d say you can’t afford it yet. You will be able to afford it in a year or two once you’ve increased your savings.
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We're trying to decide how much house we can afford and was looking for random input as we plan a 2017 or. 350K in retirement plans now
How do people my age (31) can afford a $300k house?? Depending on the interest rate and your down payment, you could easily afford it. You just need to make sure your total monthly house payments (mortgage, taxes, insurance) don’t exceed 25% of your gross income.