If I bring home exactly $3057 a month, what should my mortgage payment be with insurance and taxes added?
Trying to buy a house.
- JudithLv 710 months ago
Not any different than if you rent - mortgage + insurance + taxes should be no more than one-third your monthly income. Talk to a mortgage lender about it. The same principle applies.
- SlumlordLv 710 months ago
The front end ratio is the total housing expense including taxes and insurance and mortgage (but not fixup which is hard to guess at) and lenders like to lend around 28% of your income. 28% of 3057 is $855 so try to keep it at that point or lower. If you have other large debts (car loans, alimony, whatever) then also keep the below payment 36% with mortgage costs and those debt payments included.
- LILLLv 710 months ago
No more than $1000 a month.
- ntLv 610 months ago
28% max of your pretax income.
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- SimplytheFACTSLv 710 months ago
is that after taxes??????
impossible to say for sure, you need to write out YOUR budget and see how much is left over.
ideally, you should get the least expensive house that will meet your basic needs...and save a lot for emergencies and retirement.
if you are renting an apartment and have heat/water included...be sure to budget at least 500/month for that for a house...might be less, but you want to make sure it is covered...
electric heat may be a lot more