What kind of a mortgage payment can I afford?

Question

What you can afford depends on a combination of income, debt to income, taxes, and other factors. Your total monthly mortgage obligation — principal, interest, and insurance — should not exceed more than 32 percent of your monthly income. Richmond Hill real estate

Answer 1

Nowadaes almost all folks get theer lones from FHA...guvt branch

reesun=nowon save up for the down paement NE-more

Fha will lone yu munee with just 3% down paement=leest $ down NE-weer

But yu still need more munee for the kloesing kosts...perhapxs 2,000 tu 3000$

Then, seem linke evreewon get 30 yeer lone, but oenlee kauz em kant get 40 yeer lone

Subtrakt down pae from kous sell pries ("kost")=$ yu borro

Then plug intu standard lone formula tu get $/month yu gotta pae

But lone comepany will add more tu the paement...taxes & inshuer hous...him insist

Him ESTIMATE kost av em 2 & add xtra $/month tu pae eech in 1 yeer

Then look at yer after-tax income

Most morgage comepanees hav standard rule...morgage paement gotta be < 28% av yer yeer's income

& paements on all debt yu hav gotta be < 32% av yer yeer's income

This assume yu hav reesunabel "kredit raeting"