|
How
Much Can You Afford To Pay?
Generally speaking, the monthly payments (including interest, principal, property taxes and insurance) should not amount to more than 28% of your monthly
income; ex: principal and interest equal 25% of household
income and taxes, then insurance <= 3%.
Please use the table below to see how much people in various income categories could afford to pay for a home if they use a 30-year mortgage and make a 10% or 20% down payment:
10% Down Payment
| Income |
Interest Rate |
|
7% |
8% |
9% |
10% |
| $25,000 |
$104,167 |
$94,516 |
$86,180 |
$79,015 |
| $50,000 |
$208,333 |
$189,033 |
$172,360 |
$158,030 |
| $75,000 |
$312,500 |
$283,549 |
$258,540 |
$237,044 |
| $100,000 |
$416,667 |
$378,065 |
$344,720 |
$316,059 |
| $150,000 |
$625,000 |
$567,098 |
$517,081 |
$474,089 |
|
$200,000 |
$833,333 |
$756,131 |
$689,441 |
$632,118 |
20% Down Payment
|
Income |
Interest Rate |
|
7% |
8% |
9% |
10% |
|
$25,000 |
$117,305 |
$106,437 |
$97,050 |
$88,981 |
|
$50,000 |
$234,610 |
$212,875 |
$194,099 |
$177,961 |
|
$75,000 |
$351,914 |
$319,312 |
$291,149 |
$266,942 |
|
$100,000 |
$469,219 |
$425,749 |
$388,199 |
$355,923 |
|
$150,000 |
$703,829 |
$638,624 |
$582,298 |
$533,884 |
|
$200,000 |
$938,438 |
$851,499 |
$776,398 |
$711,845 |
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