Can I afford to buy a condo?

Question

My husband and I are currently renting and are wondering if we can afford a condo. We want a $80000-$90000 condo. We have no debt, $120000 in savings and bring home $3500 a month after taxes. perhaps we can put down payment of $9000? thanks! let me know what you guys think.

Answer 1

yes, I am assuming you have 12,000 and not 120,000. If you really do have 120,000 I am wondering why you would only do 9,000 down? But yes!!!! No doubt in my mind that you can purchase a condo. You can even afford a higher priced condo and still live comfortably. Whatever you do, get a fixed rate mortgage!

Answer 2

You are being conservative.  You qualify for much more than a $90,000 home. Go ahead. /

Answer 3

You have $120000 in savings????

I think you mean $12,000.

I think you can afford it.  It depends on how much the taxes and condo fees are.

Your best bet would be to see a mortgage broker first.  They will determine how much you can borrow and what you can afford.