Can a couple making $58,000/year afford a $160,000house?

Question

Can a couple making $58,000/year afford a $160,000house?

Answer 1

i would say no

Answer 2

Without knowing other expenses its hard to say Yes but the ratio of 28% base salary to house cost would say its OK.

Answer 3

Depends on your other bills and spending habits. That's around what we make but I know we couldn't afford it. Two car payments and other bills add up to too much!

Answer 4

Probably not.  My husband and I make MORE than that and we couldn't afford that expensive a house.  So, no.

Answer 5

If you have good credit so you can get a low interest rate, your mortgage should be around $1000-$1100...if this amount fits in your budget you should be good to go...remember, a house payment should only be 1/4 of your take home income!  Good Luck!

Answer 6

No - you should not buy a house that costs more than 1.5 times your yearly income.  So somewhere around $80K would be about right.

Answer 7

yeah you can but keep in mind money will be tight if you spend that much, your max should be about 174,000  

Answer 8

You can go to a local bank and ask for a loan officer, they can pre-qualify you and let you know how much you can afford.  

It may be easier to go online and do the same.  Try going to http://www.golendershopping.com

You can apply on the site and one of the lenders who will contact you will ususally do a free pre-qualification.  

Answer 9

Absolutely! in this market interest rates are down and banks have lots of houses on there books do to the sub prime problem.  With decent credit you should have no problem getting into the house you want.

Answer 10

Yes, IF your other obligations are under control.

Answer 11

No

You would not be able to afford property taxes and upkeep of the home

Do not listen to a realtor. They will sell you a home you can not afford

Answer 12

yes, you should be able to, if you go to google and type "mortgauge cacluators" you will be able to find out how much paymens would be

Answer 13

I would think so. Your income is a bit above the national median, and your home price is considerably below it. of course, it depends on what other expenses you have. If you have a large family, lots of other debts, maybe not. Contact some lenders. They're in a better position to answer that question for you. It['s the business they're in.

Answer 14

Well it all depends on how much debt you have now and how many bills you have every month.   Also your down payment size.  You should be able to borrow that much.

Answer 15

if you dont have any kids or plan on not having any you might just barely make it. it also depends where you live.  i am married and make about 60,000 and have one kid and am buying a 175.000 house in california and it is tight on the bills.

Answer 16

yes you can, you have to look up a mortgage calculator to help you figure it out.

Answer 17

It depends. Pay off your other debts before getting into more debt.

If you take a 30 year loan for 160,000 at 6% interest, your monthly payments will be nearly $1000.

I had heard that you shouldn't go over 40% of your monthly income in mortgage payments.

Also, make sure you have enough money to cover both the closing costs AND the settling costs before deciding the buy a house (it adds up!).

Also make sure you have as little debt as possible.  If it means renting for another year or two then do it - especially to pay off a car payment or a credit card bill.

Answer 18

I would use a mortgage calculator.  http://www.mortgage-calc.com/mortgage/ho...  Or add up all of your current bills, credit cards, loans, etc. See how much they come to then figure out how much the cost of food, gas or what ever else you spend in a month. Then deduct that total from how much you bring home a month to see what you are left with. Don't forget to add in cost of utilities also. Oh and mortgage insurance and taxes. Good luck.