Monday, October 15, 2018
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Randi F. Rainmaker
CLHMS, GRI, ABR, CCIM, ePro, EcoBroker
Gooder Group
2724 Dorr Ave, Ste 103
Fairfax, Virginia 22031

Office: 703-698-7750
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How do I determine what I can afford to pay for a new home?

Money Scale Lenders will usually allow you to spend up to 28% of your total ("gross") monthly income to make mortgage payments. The table below shows how much 28% equals at various income levels. Different loan plans allow you to borrow more or less for the same monthly payment.
Annual
Income
Gross Monthly
Income
Affordable Monthly
Payment
$15,000 $1,250 $350
$20,000 $1,667 $467
$25,000 $2,083 $483
$30,000 $2,500 $700
$35,000 $2,917 $817
$40,000 $3,333 $933
$45,000 $3,750 $1,050
$50,000 $4,167 $1,167
$55,000 $4,583 $1,283
$60,000 $5,000 $1,400
$65,000 $5,417 $1,517
$70,000 $5,833 $1,633
$75,000 $6,250 $1,750
Call us for a mortgage payment calculator. The calculator shows the monthly principal and interest payments for each size loan at current interest rates. We can show you how much house you can afford after figuring in the down payment, taxes and insurance. You might be surprised at how easily you can afford to buy.
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MAGIC Improve Your Chances Of Getting The Right Loan
MORE FOR LESS Six Tips For Getting The Best Loan
IDLE EQUITY Put Your Home's Equity To Work With Six Savvy Strategies
MORTGAGE Insider's Guide To The Latest Home-Loan Opportunities
SHELTER Six Little-Known Ways To Help Relatives Finance a Home
QUALIFIED How Much House Can You Really Afford?
OPTIONS Ten Savvy Ways To Pay For A HomeToday
LOWER RATE Seven Smart Ways To Reduce Your Mortgage
CREDIT REPAIR How To Move From Rejection To Approval
WHY REFI Five Great Reasons To Refinance Today
 
       
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