Mortgage

Question: Do you think i will be able to afford this mortgage?

(Posted by: Syd C on 2009-06-11 15:07:28)

I will need to pay a home payment of $625 a month, including mortgage, property taxes, and home insurance. I take home $1, 900 a month. I have no debt. I currently only pay my car insurance and cell phone bill. I currently don't spend a lot of money. Considering all the other bills I will have with the home, how hard do you think it will be to pay this mortgage? Will I be taking back pop bottles to pay the mortgage each month : / ? Do you think I will be able to put away savings still? Thank you!

Posted by: Tony on 2009-06-11, 15:10:50

If not, I'll be there when it is foreclosed on.

Posted by: Tyler S on 2009-06-11, 15:13:45

25% IS A GOOD NUMBER TO SPEND ON MORTGAGE SO YOUR IN THE GOOD!! Buy it. If you can pay 28% for everything then your doing good

Posted by: Karen L on 2009-06-11, 16:55:31

According to the usual lending rules, you're in good shape. Banks usually want your mortgage and property taxes to be no more than 30-35% of your gross income, and the figures you gave show the mortgage etc as less than 35% of your net income. As long as you have a halfway decent credit and employment record, I can't see why anyone wouldn't give you a mortgage that size. As to whether you'll be strapped every month, it doesn't sound like it as long as you don't have 3 children to support, but don't forget that there'll be utilities to pay like electricity, water, gas. You might be able to save, but I'd bet that from time to time the savings will have to be used for house repairs or maintenance. Of course, you're the only one who really knows if $1300 a month is enough for whatever else you have to spend money on besides the house. I was certainly in worse shape when I bought my first house but I survived.