Grossing $2500 a month, how much of that should go towards a house?
It would depend on how much you spend on other things, how many kids do you have, etc.
I wouldn't go above 1000. And that's pushing it.
Everyone's priorities are different, so only you can determine that. Make a realistic budget, including items for emergencies. What's left is what you can afford. Remember that has to cover p & I, mortgage insurance if you don't put 20% down, home owners insurance, taxes, maintenance and capital improvements.
The rule is 1/3 of your monthly income should go to cover your mortgage, taxes, etc... if it is more than that, then you fall into the "house poor" category, and may struggle financially.
I think 1/3 of your take home income is the ideal.
Switch to Mobile Site
Getting Started Guide
Frequently Asked Questions
Part of the CafeMom family
© 2015 CMI Marketing, Inc. All rights reserved.
Already Joined? LOG IN