How Much House Can You Actually Afford? (By Salary)
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- Опубліковано 28 чер 2024
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Just bought my home 3 bed 2 baths as a single person. Starter brand new single family home for 236k making 50k+ . The only reason I was able to afford it was because I made a 20% down payment and made sure I had a decent emergency fund. To do that I had to save up a lot. No credit card debt, no dti, no car loans, no school loans, ect. Also had to live with my parents for 30 years. I am blessed to have such patient parents and thank God who allowed me to have this opportunity.
This is sooooo inspiring now I feel like I can afford a home my circumstance is a lot similar to yours!!!!
Congratulations 🎉
Congrats, well deserved!
I’m in the same position. 298k home. 20% down. No debt.
You are VERY blessed to be able to live at home for so long. You really got the leg up. I hope to help my kids out like this someday !
Thank you for doing normal, reasonable annual income examples!! Tired of seeing 250k 300k 350k as the example incomes 🙄
lol, right!?
Don’t make a difference. $20,000 to $40,000 a year for retirement starting at age 21 is the wild card. WHO has done that? Not many is the answer. Today fight to get into a home and never retire.
What’s even worse for people making only 30k or 50k is that they can’t even afford a one bedroom apartment anymore! Especially in any desirable city or metro!
Who the hell could afford a 1 bedroom apartment earning $50k?!?! That would take like an entire NET take-home salary just to pay the rent, leaving you $0 for a car payment, internet, car insurance, food, gas, car maintenance, 401k, health insurance, entertainment, travel or anything else! $50k now is like earning $15-20k in the 1980's or early 1990's.
@@CarMaintenanceGuyactually in the 80 and 90s you could buy a house doing that. My parents bought a house with my dad being a shift worker at McDonald’s and my mother stayed home with us.
@@Ghragle- My dad used to earn $10/hr back in the 70's and we lived in a $20k house. I need the debt to income ratios to come back to those times. They should pass legislation requiring it to do so. Get rid of all rich people and make a super stroke middle class. That's when the US used to be the best country in the world when the middle class was rocking. That's why the rest of us had to buy property in other countries to get out of the US.
@@CarMaintenanceGuywhat happened in 1972 that changed that trajectory? (It wasnt less taxes for the rich)
@@javier123454321 Taxing the rich never made the poor more prosperous. If you are not happy, then start a corporation from nothing the same way other entrepreneurs did. Stop punishing them via theft through taxation for all the hard work they did. If you are not happy with them being rich, then VOTE WITH YOUR WALLET and stop buying their products and services. Simple as that. No need for any government intervention. The government has never helped me in any way, shape or form. Only stole from me and gave my money to people I did not authorize.
It was refreshing how realistic this was. Sad lol, but refreshing. Thanks!
Glad you enjoyed it!
He the man I like Javier
I bought my house back in 2015, at the time I was working 2 part time jobs making 10.50/hr with 620 credit score and my wife had just started working making 11/hr. The lender approved us for 250k and said if needed we could bump it up for more, we found the smallest home in one of the best neighborhoods of our city for 137k. The original interest rate was 4.5 but we always pay an extra 100 on the principle. We refinanced during covid and cut the rate down to 2.65% and are on track to pay off the loan 9 years early. Now the house is worth 289k and if we had to buy it now with current interest rates it would be impossible to afford since the mortgage would be almost 3x. Especially with property taxes and home insurance having doubled since we first purchased our home and now signs of slowing down.
This is why something massive is going to break. You can’t have the cost to buy the same house triple in 9 years.
This is the real issue! Mine has gone up 40% since purchase in 19. Mortgage with today’s rates on what it is worth now would be double.
Basically, if you are living in a city and making less than 100k salary, you shouldn't even be thinking about buying a house without atleast a 20% down payment.
If you're earning 30k and you're listening to the "25% of your income for morgatge" rule then you have to find something with a morgatge of $625
Good freaking luck!
It’s possible to make that type of low payment but you need a greater than 50% down payment. 😂
Roommates. Rent out the rooms and charge 1k. They will pay your mortgage.
What if the home is around 160k?
You probably shouldn't be looking at buying a home if you only make $30,000 dollars. You need to make more money period.
@@jeniko2841 until they just leave without paying you or break stuff and everything else it always sounds easy to say just run out some room, but it's harder than you think. Somebody decides there's a squad in your house in the room room which they can do and you can't get them out for months
One thing I've noticed in my friend group is that we have all bought homes that are way nicer (hence waaay more expensive) than the homes we grew up in. We all probably should have stayed in similar homes and not fallen trap to lifestyle creep and wanting bigger and better for our first homes.
Every house within a 1 hour radius of my work in Wisconsin costs $400k minimum... I luckily make 95k, but i wasn't looking to spend my max.
When was it a good idea to wait? It just seems to get more expensive every year.
Past results do not guarantee future returns.
@@lucaspm98 that’s like using the same excuse to short the s&p 500. It will not pay off unless there is a Great Depression.
Wait to save more for a larger down payment and maybe you’ll get lucky if the prices drop like they have been
@@flashoflight8160 the difference is that the past 4 years in the real estate market has been the exception not the rule. Generally real estate returns have slightly exceeded inflation and lagged well behind the S&P 500.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market in 2024 poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
Consider shifting from real estate to stocks during severe recessions. While market volatility presents short-term trading opportunities, it's crucial to approach with caution. This isn't financial advice, but investing during such times may be a strategic move, consider adopting the services of a financial expert.
@@mikegarvey17Could you possibly recommend a CFA you've consulted with?
Definitely! It all happened in less than a year after "Gertrude Margaret Quinto" told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
Definitely! It all happened in less than a year after Gertrude Margaret Quinto told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
THOSE ARE THE CHEAPEST AND NICEST 100K HOUSES I HAVE EVER SEEN IN MY LIFE. I live in Ohio and a 2,000sqft house is 350k minimum . I have a 800 credit score and interest rate is 7.6
I just bought a 1200 sq ft condo in Middletown for 118 ... different than house though
Sounds like Lakewood off the top of my head
The problem is that any place that has $100k home doesn't have good paying jobs nearby. Those are always undesirable places to live. Everything is always a catch-22. IT SUCKS.
I live in NE OH and just bought a newly renovated 2200 sqft home for 300k. And while shopping we saw plenty is nice homes between 200 and 300. It’s takes some work but they are out there.
@@michaelswinney9154 Nobody wants to live in OH. That's a cold and miserable place that charges state income tax and salts the roads and keeping a car long term it will get all rusted out. Plus high heating bills. $300k in Florida would be a WAY better deal than Ohio. Thanks, but NO THANKS.
Fun fact: mortgage from the French Engagement de Mort - death contract. I am finally a home owner, got my credit score as high as possible, paid down some debts, went with smaller and closer to work and UNDER what I qualified for and I put an extra bit mroe cash towards the place. My mortgage is around 1/4 of my take-home and I'm putting a bit extra to the principal, in an amortization schedule I made in excel, I knocked off 3 years so far in the mortgage.
My mortgage is a 1/4 of our income, Overpay the principal ever since our first payment was due, each COLA we add another $10 to the prinicpal. Already knocked over 6 years off the life of the mortgage buying in spring of 21
So basically the average American should be buying a used overpriced Toyota. Then sleeping it in. ☑️
I make 130k a year. While I qualify for a loan at 450k that doesn’t mean I go out and do it. That’s crazy to hear that people are willing spend that much.
It depends. I currently own a home. It’s worth around $210k. I owe about $53k. Putting 20% on that, would make it more reasonable.
Buy it and rent it
@@trkddyso have a mortgage and unreliable tennants.
@@232memoNahhhh, I have always had great tenants except once…
Well if you’re making 130k a year and use the average house income of 45k that most people have to live off of, that leaves you with 85k left for the house each year. That means unlike the 99 percent of people who spend over 30 years paying off a house, you’d pay off your house in 6 years. So basically you could actually afford something that’s nice but most people can’t so if you like the house you should go for it.
I’m closing in on retirement and I'd love to move from Minnesota to a warmer climate, but home prices are ridiculous now, do I go ahead with house purchase anyways, or look at other sectors of the market that's doing good this year?
diversification is actually key to good investing, you should however, consider talking to a well-experienced advisor about which sectors of the market to focus your portfolio on
reluctantly copied and pasted Karen Lynne Chess on the web, at once I found her consulting page and was able to schedule a call session, thank you for putting this out ..
Move to the coast of Alabama or Mississippi and I’m not joking!
Absolutely insane prices. Whole different world now than in 2018
Wow Javier, you are spot on, on the California strategy. Thanks for being an honest man, before being a real estate agent.
thank you for creating these videos javier i think you are doing the world good :)
Long story short we make 110k a year. We have our 3 month emergency+ 5% down on a 300k house. Only debt is a car payment. (490) our morgage payment are 2400+ that has been giving to us. Is insane easy 40%+. Its all the same here in illinois. Condo/single home. Hoa fees are killing this as well with the mortgage rates. Our 33% mortgage is cap at 2k. And its in horrible places/fixer uppers. Gg we counted our self out for now. Of the house market. Realtor was like yall qualify! Go in!. Ya no we ganna be house poor and streesed out. We good
Love these types of videos. Great job
Also I would add that your credit will need to look really good to get the lowest rates! If you are buying with someone else, they will use the lowest credit score.
Buying a home at this point will almost certainly require two incomes for most people in 2024 and beyond. Especially if you have kids, a car payment, etc. things will be tight even if the household income is 150k!
Recently pre-approved for a mortgage. Would be my third home:
$120K salary
$1100 monthly debt payments
$50K downpayment
780+ credit score
$450K total home purchase price.
Most homes with equivalent trim and standards as my existing home are in the $500-700K range.
No one is gonna sell and/or buy while this remains the situation.
But, while not a GOOD thing overall (but perhaps beneficial to me), the housing market is in fact crashing as we speak.
Just buy an RV like I did and wait for these suckers to get desperate. Guessing that September-November will be the best opportunity this year.
Hahaha the amount of houses under 150k in California was telling on the map 😂
Great stuff as always. Back when things were not so crazy in 2012 here in San Antonio TX TX (170k mortgage at 3.5% interest for my 1556sq Sq ft modest new home. Now similar new homes in 2024 are $340k plus and way higher interest rate in my area),i knew that I didn't want my payment to be more than 25% of my take home pay. So that put me at around $1200 per month. And that's exactly what my mortgage payment is (everything included). I still pay $1200 per month, but some of it goes towards the principal every month after the PMI dropped off. I got $97k to go, so I should be done in about 10 years, hopefully. I'm blessed to have a steady job with good benefits ($72k per year base pay plus OT). You give very good advice. But this housing market is way overpriced!
LMFAO WARRIOR ALABAMA right after you said high crime had me dead
Just bought a house for $630k AUD in a new development in the suburbs away from Perth city. The block is 270 sqm and was $318k. Property market is bloody tough.
Thank you god ,Javier for making this video much needed 🙏🏿
Could you do a video on the VA loan? Lots of sellers think they're too high effort, and outside the loan we don't have much purchasing power
I’m a veteran. Tried for the last year and no one was accepting even with 10% down. They throw it right in the trash because there are so many stronger offers that close slightly faster, and many with 20% down. Finally closing on a place end of month but had to go conventional. And if you don’t have at least 10% down, you should not be buying a house regardless.
Why would a seller care what you put down? They get paid by the lender regardless. The issue with VA loans, is the sellers have to present a near perfect property. @@USArmy19DScout
VA loans are hard when it's a sellers market. No one want to fix the issues to pass VA loan requirements. When it's a buyers market, you'll have more options
VA Loans aren't hard, it's just a lot of ignorance about the from realtors who don't handle them often.
They are a little less advantageous if you don't put a lot of cash down though, or if you don't have enough cash to cover appraisal gaps.
We just bought our first house with VA loan! Numerous passed offers because of the inspections! Never thought it would be so insanely difficult to use the loan.
We just got a mortgage for 5.99% and the title attorney congratulated us, saying she hadn’t seen anything that low in a while. 😅 Worst mortgage rate we’ve ever had but I guess I’m grateful it isn’t worse.
Thanks for the great video “Tarnished”! Do you think the ratios should be the same for high income earners since necessities are lower ratio to income?
Why did you have to show that crazy Pic of aunt linda?😂
😂
It's Cousin Edgar and his haircut, lol.
Which is hilarious because rent prices have already exceeded what “should” be paid. At this point, better to be house broke then rent broke. At least it is going somewhere!
I take home approximately around $5,990 per month.
My work takes my health insurance payment out of my check before I ever see it, does that amount count as my net, or does the net include the insurance cost?
Interesting that Debt to Income can be so high. When I bought my first home in 2022 my lender required my Debt to Income ratio to be 36% or lower. Still was able to buy my house decently within that requirement even with some additional student loans and credit card debt.
Welp o just got more depressed. But thank tou for keeping it real.
We just purchased in this market it. It’s definitely possible, if you have to make more money by picking up a second job and push through for a little while so be it. It’s a big purchase and it’s scary but the security is real. I definitely recommend opening up a separate account for your mortgage and just sending a portion of your check there that will equal the mortgage payment. You guys can do this I thought it was impossible just 90 days ago but we did it. Lastly, don’t take the conservative role see how extreme you can make your mortgage payment and go with that number. If you can work with that you get this. Love Y’all! Shout out to Jav 🍾
If you’re buying a house and still in debt. You don’t need to be adding more debt
Wife and i make 250k combined and hour mortgage is 2300. The fact that people are willing to financially strap themselves like that is crazy😮
If you're a first time home buyer you really need to have as little outstanding debts as possible. If you have credit card and car loan debt, you should not be looking for a house. In todays market, if i had little debts (maybe some fixed student loan debt) i would try to find the cheapest new build house by a national builder. They are doing concessions and rate buy downs where some are getting APRs as low as 4.5%. That rate on a 30 year can buy you a pretty nice home thats affordable. Ex. Lennar, DR Horton etc.
How about no credit no car or college debt?
You understand the subject well. Id like to see you make a video on the other side. You should be saving 30% of your income. What does that look like after 10-20-30 years. Where is retirement, and how would you incorporate retirement with a long term goal of owning a home. I think thats what we really need to do instead of impulse buying a home when its cheaper to rent
Sometimes people exaggerate how "undesirable" an area is, let's be honest 😅 The whole neighborhood can be their same economic class but they don't like the, uh, "demographics"
lol!
When applying the mortgage to the 50/30/20 rule are you only using the principle and interest or are you including the property tax and insurance as well?
Arent you able to afford a more expensive house if its multi family? Why does nobody talk about multi family since the bank takes into account in part what a future tenant will pay for the other floors?
Wait wait grocery's are needs? I thought it was wants. ... breakfast cup of coffe 90 cents.. lunch is .. free sample slice of cheese from the deli... dinner is what ever people leave in the fringe at work.
😂
im 22 and i can confidently say, this economy has me fxcked up
So the 25% rule applies for the PMI, insurance, taxes, interest, and principal. We don’t include utilities to the 25%rule?
Before even going further, I bet the first two people can barely afford rent let alone a mortgage... I think everyone knows you have to be making $100k to be able to buy these days a house that's falling apart. New Jersey is even crazier. Homes that haven't been updated since the 90s are going for $400k minimum. I was looking into buying land and getting a tiny home or RV onto it, but zoning doesn't really allow this in most places.
That being said, your videos make me feel a lot better. Especially with the punchline at the end, "It's wiser to have that portfolio than it does to own a home." I just really want to own a home. Have my shit settled and be a bother to nobody.
What he didn’t mention is that the point of home ownership is that you will have a paid off roof over your head when you retire not have to worry about rent or mortgage. Just pay property taxes! That’s really what home ownership is about! Some people think they will just work forever. Your health will determine that!
@@Aggie4life77 yeah this is true, and the biggest draw to ownership. But I was doing my investment calcs yesterday, and the amount of money I’d hypothetically get if I don’t own a home for 30 more years and instead invested it, is pretty astronomical. I’d be able to buy a house per year with the interest earned
@@NomadOverNormal gotcha, now if you make enough money to be able to do that, great. You can definitely make it work. For most people though, they are either paying for a home or rent. Rent is just as expensive as a mortgage these days. With that, there is no extra money to invest. You have 401k, you’re going to need a significant amount(probably 7 figures)to live comfortably and or maintain a similar standard of living after retirement. I personally would rather have a paid off house and the 401k.
When buying a house, the only thing that will set you back is the down payment, but it’s really not setting you back. It’s going towards the price of the home. After that, you still can invest your money in stocks, etc and have that when you retire. You will also own your house. Paying rent over a lifetime regardless of what you’re doing is a waste of money that you will never get back! That option is only there as a last resort and you have no other way!
Payment only increase or decrease by 100 bucks for every 10 k. So if your payment is 2000 for 300 k home then if the house drops to 290 you only pay 1900 100 difference for ever 10k up or down
I enjoy your videos
When you refer to mortgage do you mean straight mortgage or PITI?
Average home price in California I can’t really afford but I bought anyway. If I didn’t make the plunge I was going to be officially priced out with zero chance.
Our problem is basic housing should not be treated as an asset class. It should retain its value yes but it shouldn’t outpace inflation or cd rates.
I'm glad we bought when we did, Bought at an awesome price with an awesome rate in 21.
GROSS IS GROSS , LOVE IT
Only in this scenario. The gross for my company is awesome.
Very few of us can move, to off set and keep the mortgage at 15-33%. You need steady employment and if you plan on moving a lender will balk at that. They want 2 year history working and living in the state.
It’s crazy that I make over $50k and am freaking out about paying under $2k a month for a house for our family. I have a feeling it’s going to be every crazier as the election comes and goes in November 😬
How can I build an investment portfolio?
When you said mortgage payment should be 25%-33% of your take home, do you mean principal, interest, taxes and insurance?
Isn’t mortgage and PITI the same thing? Or no? I’m confused I thought they were the same. Lol
@@prettykitty5416Not necessarily, we don’t escrow our taxes and insurance so our mortgage payment is just repaying our loan. Other people have it all billed by their lender (escrowed).
25% NET has always been my rule for my take home pay going to housing. I make about 115k. My take home is 6860/month. So my housing should be no more than 1715/month. I bought my house years ago and I'm at about 1060 right now with HOA and insurance.
I am trying to purchase my first home. When he is talking about gross income, can we calculate everyone who will sign on the mortgage and let that be the gross income? (Household Income) or how does this work? Thank you in advance :)
You should talk to a really good realtor or call a mortgage officer who can walk you through it. I think, it's the gross income of any on the mortgage, but don't go by me. Good luck!
hahah, man, as someone who lives in upstate NY it's wild to think of getting 2k sqft for only 100k. You can't even get half the sqft for that here and anything remotely close (think 120-160k) is gonna be a dump
I live in Maine and the lowest price in the area is only around 300,000. For trailers. 300,000 for 1 bed 1 bath trailers. All because wealthy people keep coming up here because it's pretty.
How about no credit no car or college debt?
As someone whose Mortage is 30% of the take home I don't understand how ppl can afford for it to be higher
One thing to consider is for higher-income people you get to where the other expenses of life are only so much because the costs are the same for everyone. There isn’t as much pressure on a higher percentage of your income, if that makes sense. To take a very simple example, the paper towels cost the same whether you make 50K or 500K.
If you make 45k in 2022, 50k in 2023, and 55k in 2024 what do they base the 43% on? Guessing an avg of the previous 2 years.
It doesn't matter you're broke making anything less than 70k in the current time
It depends on the type of income whether self employment or W2 employee. Most banks want to see steady employment or steady flow of income.
Unfortunately I can’t move nowhere I don’t drive.
Just hire a moving company ....
Do you have anything like this for the people in California :/
Gross $108k a year, set to take home $123k a year next year. Taxes and child care take $65k. So I take home $45k a year
If you take a real estates advice on how much to spend on a home you are really something special.. he'd probably be pretty sad to hear that a nice car salesman already gave you advice saying 45% of your income should be a car payment
Back in 2018, we bought our modest home - 1900 sq ft, 4/2.5, 18 year old house, for $470k. It’s a starter home, but it’s just my husband and I. Sure, we were eyeing the “new” homes, but settled for what we could afford…it does help the lot is a lot bigger on older homes. Now, I’m grateful for our decision to not over buy. It’s older and smaller compared to my friends and family, but it’s perfect for us. I love my home.
50 20 30 is weird cuz if i make 40k vs 100k my needs dont change the % of my money allicated to those needs just gets smaller
I make 120-130k/year I’m just here to say if ANYONE tells you that you can afford a 400k house… run for the hills.
Hell, I’m willing to say anything over 300k they are setting you up for disaster.
At 100k keep it within the 250-270k range
We made 90K to 120K when we owed our first home, purchase price 250K which was our max. We never worried about paying the mortgage but went through times where it felt stressful saving up for the many 5 to 20K repairs needed over the decade we had that home. That’s the sticking point people need to plan for…the mortgage can be the least of your worries. I’m grateful we were able to always do it without more debt and even more grateful that we sold that house.
Honestly. My wife and I make ~$170k which 5 years ago would’ve afforded us pretty much any house we want in our area without much struggle. Now we’re able to possibly afford a standard single-family home once we’re able to save up for a couple years.
Bad advice. Highly dependent on how much you're willing to put down. If you put 0 down, of course getting a 300-400k house is going to be awful because not only will your monthly payments be higher, but you'll also be on the hook for PMI.
@laurenm.6320 and thats where it pays to have blue collar skills to bring down the cost of repairs. Yet we villanize any job that doesnt require a college degree
@@brandenhylton8272 I agree with your point to a degree but I am referencing repairs like retaining walls holding up a pool and foundation repairs so those wouldn’t be happening by us on the weekends no matter what, no thank you.
125k, was approved for 759k house. They wanted me dead lol
How bad is that ? I’m lookin to get a house with a $90k salary
The internet has a ton of free “how much house can you afford” calculators. Some better than others.
I would not ask financial advisor questions about real estate investing. They don't know, nor do they ever invest in that class since they won't get paid.
NYC HOA ARE above $1000
When he said, “While we wait on our sugar daddy’s or our sugar mama’s…” I felt that!
I’m waiting on that and a sugar grandpa or sugar grandma!
BEGGARS CANT BE CHOOSERS!
If you’re reading this and are interested in a 41 year old sugar baby like my comment!
😂😂😂😂😂😂😂😂😂😂😂
Samesies 😂
@@JavyVidana I think something's for sale, but it isn't a house.
All the numbers in red that you say we can actually afford. Rent is higher in my area than all of them 😂
Twd video game !!
❤
Can you do a collaboration with caleb hammer
The argument of thats a bad area is also werd cuz its what you can afford and its satisfying your need for a house ppl are so entitled thinking there better then the other people living in tbese areas
I make $135,000 a year as a single person with no kids, no credit card debt, low DTI ratio & and have a 800 credit score. I can no longer afford a house in my area of Northern VA or in Maryland where I wanted to move. I love renting & have just become comfortable with that since buying a house is not gonna happen.
Can you transfer that salary somewhere else? At $135k per year with no debt or car payments, you should have no problem getting a home in the 309k range. That will probably put you in the 2k to $2500 range depending on property taxes. What is your rent now?
I'm in your boat. Similar salary, single and no kids And I have a house. You can do it. Maybe not at this moment. I'd wait a bit
I just moved from that area and our income wasn’t much higher when we bought there a few years back. I know things have changed but not so dramatically that I would think you wouldn’t be able to get a property - a townhome??
Need your beard back
What you can afford depends on the down-payment.
Okay, this may be a weird and straightforward question, but if you purchase a home for 400K and put 200K down, am I now borrowing 200K and should have a 20% down payment for the 200K? I ask because when I used one of these online free calculators, it barely dropped the monthly payments. Maybe a couple hundred dollars in some calculator cases, but not a steep drop I was expecting.
No
The 200k would be the down payment. You would be financing the other 200k and your payment would be based off of that along with property taxes, insurance, etc. you said your payment didn’t drop much. I assume you were talking about if you put another 20 percent down after applying the 200k down payment. Like I said above, that would not be required. When you finance something over 30 years, even 20% down is not going to drop your payments as much as some would think. It would be only a couple hundred dollars like you said. Now if you put down $200k, your payments should be significantly cheaper! Basically 50% less!
@@Aggie4life77so if I buy a 160k house and put 15k down then I would only pay towards 145k? Around how much would the monthly payments be if I have 0 debt and 780 credit? This is so confusing 😭 I put it in the calculator and it said $1400 a month but that can’t be right lol.
Your loan payment would depend on your interest rate, so it could be something as high as 1040. You need to talk to some lenders to get a better idea of your exact situation. Just remember that that 1040 does not include property taxes or home insurance or PMI (you would be putting down under 10%). Those numbers change A LOT depending on the particular home and community (state)…and are likely to go up every year.
I know for me, in Ohio, I'm bringing home about 69 to 70% of my gross.
Second
What if you make 54K and only work 9 months out of the year?
you kids are rethinking that $30k wedding now huh 🤣
Basically, you can’t
Pretty much there is no winning strategy here. The market is unregulated and prices are over inflated. Live in a crap area or overpay unless you have cash for a significant down payment or can get an assumable mortgage at a decent price. Government is to chicken to regulate this mess and sellers and banks are too greedy
Much less than you think!
The net calculations is wildly inaccurate.
Third 😂
Selling a $400.000 house and getting "a few thousand each" is a terrible take wtf was that
First
Who’s getting 7% mortgage right now with only 3.5% down? I guarantee that if you’re trying to buy a home and think that 3.5% is enough down you do not have a 800+ credit score to get that 7% rate.
3.5% is the lowest you can pay as a first time homebuyer I believe. That’s not a lot, but these days, you have to do what you have to do to get your foot in the door if you can afford the mortgage and PMI per month. I would rather do that than wait til you got 20 percent down and you’ve been completely priced out the market!
@@Aggie4life77 The market wouldn't be so high if people were forced to put at least 20% down. That would put a serious limiter on people's purchasing ability.
@@Aggie4life77but I heard their are programs with 100% financing and no pmi. Idk how they work tho