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How much house do YOU think I can afford?

I've done mortgage calculators, but I want to know what you girls think.

After taxes, insurance 401K, etc. We take home $5,000.00/month. The only debt we have are student loans, which run us $267,00/montth. We plan to put about $20,000.00 down. Thanks

 
Anonymous

Asked by Anonymous at 12:55 AM on Apr. 20, 2009 in Just for Fun

This question is closed.
Answers (5)
  • I don't know, but it sounds like you can afford a nice one! If ya'll bring home $5000 and don't have much debt, then you've got it made. Especially if you can put down so much. Your payment will be very affordable. When we bought ours, we made a list of all our debts & monthly living expenses. It was helpful to know what we had left to spend on a house. I'd just make sure you are both happy with what you choose, so you won't end up having to sell later.
    kbates1208

    Answer by kbates1208 at 1:31 AM on Apr. 20, 2009

  • Well, I have heard Dave Ramsey say you don't want your payment, including taxes, etc. to be more than 25% of your take-home pay.

    For more info go to daveramsey.com
    timelessglass

    Answer by timelessglass at 12:58 AM on Apr. 20, 2009

  • I would cosign on anything Dave Ramsey says regarding finances!!
    MamaChamp

    Answer by MamaChamp at 1:09 AM on Apr. 20, 2009

  • If your net pay is 5k/month, and you have no children you should be able to afford a home loan of about 200k
    pagan_mama

    Answer by pagan_mama at 1:45 AM on Apr. 20, 2009

  • Try to see if you can put less down or get a no down payment loan. That way, you can have extra set aside for emergencies and a little for doing some fixing up to the way you like it.

    We pay less than 2,000 per month, which includes money for escrow to cover our property taxes and homeowner's insurance. Our house cost us 286K, which is about average for this area for our 2,500 sq foot home w/ 1 1/2 acre of land. Our loan is at a fixed 5% interest rate.

    A lot depends on your credit and payment history, too. Speak to a mortgage company (a realtor can set you up with one for free) to do a pre-approval for you so you can get a better idea of where you stand.

    Best wishes!
    PrydferthMenyw

    Answer by PrydferthMenyw at 3:33 AM on Apr. 20, 2009