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· Re: How much can I borrow for a home loan on 80k salary? Post by deedee » Sat Jan 18, 2014 10:21 am Hey I tried the calculator and it wasn’t very happy with the results.
Unsure if you can afford your dream home? Use this free tool to see your minimum required income. current mortgage rates are shown beneath the calculator.
To determine ‘how much house can I afford,’ use the 36% rule, which states your monthly mortgage expenses and other debt payments shouldn’t exceed 36% of your gross monthly income.
· After tax dollars on a 110k salary will be around the 80k range, which is over 6k net a month. A mortgage like that would only be approx. 2200-2500 a month, so it’s very doable. BUT should the interest rate jump dramatically or he should lose his job, then it can become extremely tough.
“I can’t believe how it could be difficult to be living on $80,000-$100,000.” While he understands his circumstances are unique, such as no mortgage or family. Oh, I can’t afford that or this.’ I.
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Vey says his only debts are his mortgage, child support payments and heat and light. He’d like to renovate and add an apartment to his home, but he can’t really afford that. "I’m an educated guy, I.
· People generally ‘qualify’ for much more house than they can afford. I remember when I bought my house I was looking in the $150K range (15 years ago, mind you) but I qualified for >$250K mortgage. I would probably have bankrupted myself if I’d spent that much at the time.
· You can easily afford an 800k home on a 300k salary or even a 200k salary there is no question about that. If you put down 10% your payment should be around 4.5k a month making it around 28% of your income at 200k and < 20% at 300k .
How much can I afford calculator – Mortgages | BMO Bank of. – Use the BMO How much can I afford calculator’ to calculate different mortgage scenarios for your home purchase. input different mortgage rates, taxes, and costs to get a better sense of what you can afford to.