Personal Finance. What Is A Smart Amount To Borrow For A Mortgage Based On My Income?

Personal Finance : What Is A Smart Amount To Borrow For A Mortgage Based On My Income

My wife and I make $80,000 between us. We only have one car payment and it is $500/month. I have no other loans or credit card debt. My credit is an 805 Equifax and 762 Transunion. I am also aware of the ratio calculators but I am not looking to borrow the maximum amount and overextend myself. Does anyone know of any other calculators that are more conservative ~~~ john r ~~~

Best Answer To Personal Finance Question

The old rule has always been that you should be able to pay your rent/mortgage with what you make in 1 week, so 80,000 / 52 is $1538 which would be the ideal mortgage for you guys... $1538 per month that is... so factor in your down payment, do the math with a mortgage calculator and see what that comes to....

All Answer To Personal Finance Questions

Answer 1

I dont know where to find any calculators, so I cant help you there, but I know someone who would be glad to help you decide what is a good number for you. His name is Doug, and he owns a small mortgage company called "Dedicated Mortgage Services". The thing is with this guy, he will NOT jump in to sales mode on you. He is genuine and incredibly knowledgeable. His website is / and his email is doug@ Just tell him the How To Gooru sent you. God luck and God bless!

Answer 2

The old rule has always been that you should be able to pay your rent/mortgage with what you make in 1 week, so 80,000 / 52 is $1538 which would be the ideal mortgage for you guys... $1538 per month that is... so factor in your down payment, do the math with a mortgage calculator and see what that comes to....

Answer 3

25-30% of your income should pay for housing. So about $2000-$2400. This should include mortgage, insurance, water, sewer, hoa, garbage, landscaping, etc. Our site has many calculators just visit my profile.