Is it feasible to pay a mortgage in the amount...?

Question

of about $1125.00 on a annual income of $32,000(which includes $145 a month in HOA dues)? The only other debt is a car payment of $278/month/

Answer 1

No, sorry, find a less expensive house.  What you're not considering is furnishings, maintenance/repairs, painting, decorating, utilities.  Just find a less expensive house, and you will be so much better off in the longrun.

Answer 2

possible but pushing it. that is about 48% of your income. most banks now wont go past 40%

Answer 3

You should only allot 30% of your income for housing - nearer to $890 - so finances may be a little tight.

Answer 4

1125 times 12 months is 13,500 or 41% of your annual income.  This far too much debt.

Answer 5

Wow, that is alot of debt to carry on your income.

What if Dad stops paying child support?

You need to find a house with a much lower payment. Don't make yourself house poor.  It is a miserable existance to live to pay your mortgage.  

Answer 6

No, that is almost all of your take home pay.   You have taxes, power and food needs too.   You will not qualify for that kind of payment.