<span title="MONEY!!!!!!!!!!!!!!!!!!!!??????????????">MONEY!!!!!!!!!!!!!!!!!!!!...</span>

Question

okay how much should u make a year to afford a single family house in New Jersey that is worth 530,000........u have a depth of 175,000 and a equity of 126000, that is from ur last house.....its paying down payment for the other house. wht do u need to earn to live in this type of house

Answer 1

Sorry, but your question doesn&#039;t make much sense. What do you mean by &quot;depth&quot;? Do you already own another home, is that why you&#039;re talking about $126,000 in equity? Are you going to sell that existing home? How much will you sell it for, and how much do you already owe on that mortgage? Once you sell the other house, how much will you have to put as a down payment on the new house?

In general, your mortgage should not be more than 2.5 times your annual salary. If you put down 20 percent on the new house that would leave you with a mortgage of $425K, so you should be making close to $175K annual salary to be able to afford the house comfortably.

Answer 2

I think you could afford it based on your income alone.  However, that is a pretty nice house.  How much job security do you have?

This foreclosure mess happened to people that bought a really big house, and then suddenly they lost their good job and are now working at Chuckie Cheese.  So they lost their house.

I&#039;m in sales, so my income is different every year.  I am buying a house based mainly on my base income, and I&#039;m sure I could find another job with the same base income if I lost my job.

Good luck.  Just don&#039;t get in over your head trying to keep up with the Jones&#039;s.  Things don&#039;t buy happiness!

Answer 3

Depend on a lot of factors such as your other expenses.  Only you should be able to plug in those numbers in a spreadsheet and run different scenarios.  It&#039;s not that hard./