in order to take get about 180,000 mortgage what would you say the annual income for 1 person should be?From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
The mortgage payment should be less than 40% of the income.From personal knowledge how much would you say a 1 person income should be in order to get a mortgage?
Let's see...with taxes, a 180,000 house would be about $1500/month. That's around 6% interesting and a 30-year loan.
They say you should never pay more than 20% of your monthly income on your mortgage. Anything about that is financial suicide.
As 20% of your income, you would need to make around $7500 monthly.
As 15% of your income, you would need to make around $10,000 monthly.
Of course, the more down payment you have, the more you can delegate as mortgage. Also, how much debt do you have in your life? Car payments? Student loans? ANY loans? That will also factor into how much you can afford.
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