Say I make $708.27 per month and I just bought a house. Generally what % of my pay check would go to ?

Question

paying on my house every month?

Answer 1

WEll you would at lease be putting two month pay into one months payment, effectively increasing your debt by about $708.27 per month

There is nowhere you could afford to rent and survive adiquitely off 708.27 let along buy a house.

Answer 2

It cannot be done!

End of project!

Answer 3

none. i hate to say it but the typical mortgage is between 1G and 2G a month unless u buy forclosed, then, @ best, a coupel hundred, maybe as low as 2 or 3 depending.

Answer 4

Hypothetically, about 30% of your gross pay should go toward housing.  In reality, you couldn't afford an apartment, let alone a house on $708.27 per month.

Answer 5

at $708 you'll be paying more then 100% of that income in the united states.....unless if your asian or mexican then that should not be a problem.  Considering they can turn an ordinary single one bedroom apartment into a 3 or 4 family townhome then you can split the mortgage 4 ways.

Answer 6

hypothetically - you shouldn't pay more than 30% for housing.

So figure 30% of your monthly income, and that's what's available for a mortgage payment.  which is just over $200...which wouldn't buy any kind of house I know of.  I think even mobile homes would have a monthly payment of more than that.

Answer 7

At that rate of income you could only afford about $150 a month towards a house

Answer 8

Are you asking what kind of house you could afford if you only make $708 per month?

One general guideline is that your house shouldn't cost any more than 2.5 times your annual income.

Another general guideline is that your housing costs (PIT) shouldn't be any more than about 28-32 percent of your monthly income.

I think you're going to have a pretty hard time finding a house with such a low income. Sorry.

EDIT -- OK, even if this is just a hypothetical question, my answer remains the same. A person with such a low income would NOT likely be able to afford a house!

Answer 9

They taught us in Real Estate School that no more than 25% of your net income per month should go for housing ; wheather you are buying or renting .....

Answer 10

For "a project" you should be building a full budget.