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Topic	How much money do we need to afford a $500-$800k home?
TheSuperSilver 03/28/23 7:09:52 PM #9:	BigB0ss13 posted... It's not doable even if I put down 20-25%? A $500k home with 25% down payment with interest rates in my state will have a mortgage of around $2500. With a $7000 gross monthly income that'll probably be around half of your take home pay. Not really recommended. Rule of thumb is something like the amount of house you can comfortably afford is 2.5-3x your gross income. Another benchmark is that your mortgage shouldn't exceed 28% of your monthly gross. --- When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps. - Confucius <cite>TheSuperSilver posted [p:972478607] in How much m... [t:80393625]...</cite> <quote>BigB0ss13 posted... </cite><quote>It's not doable even if I put down 20-25%?</quote>A $500k home with 25% down payment with interest rates in my state will have a mortgage of around $2500. With a $7000 gross monthly income that'll probably be around half of your take home pay. Not really recommended.Rule of thumb is something like the amount of house you can comfortably afford is 2.5-3x your gross income. Another benchmark is that your mortgage shouldn't exceed 28% of your monthly gross. --- When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps. - Confucius</quote> ... Copied to Clipboard!
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