# What Kind House Can I Afford

### Contents

The Mortgage Affordability Calculator estimates a range of home prices you may be able to afford based on the accuracy and completeness of the data and information you enter. The results are intended for illustrative and general purposes only, and do not constitute, nor should they be relied upon as financial or other advice.

· how much mortgage can I afford on \$85,000 a year? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Just how much house can you afford? You can determine how much house you can afford by following three simple rules based on different percentages of your monthly income. The rules of home affordability. mortgage lenders use something called qualification ratios to determine how much they will lend to a borrower.

· Shop for your new home the smart way. Learn how to calculate how much house you can afford before hitting that open house or applying for a mortgage.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That’s a \$120,000 to \$150,000 mortgage at \$60,000. You also have to be able to afford the monthly.

You say "can" afford, but the reality is that most surgeons do not buy a house at their max qualify the way a lower income person often does. In fact most people who "can" afford an extremely expensive house.don’t buy an extremely expensive house. Many surgeons want to live very close to where they need to be.

How much house can I afford – Calculation example For an example calculation, lets use a \$60,000 annual income, \$250 in monthly debt payments, \$20,000 to use as a down payment, property taxes of 1.25% of the property price you can qualify for and annual homeowner’s insurance premiums of about 0.5% of the value of the home.

How did Research Maniacs calculate how much house you can afford if you make \$35,000? Research Maniacs checked with different financial institutions and found that most mortgage lenders do not allow more than 36 percent of a gross income of \$35,000 to cover the total cost of debt payment(s), insurance, and property tax.

First Time Home Buyer Questions For Realtor Home Buying Steps For First Time Home Buyers – Firsthomebuyers – Home; Steps; 5 Steps To Buying A Home. Purchasing a home is an important decision, especially for a first time home buyer who doesn’t have the knowledge and experience in buying real estate.

^