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House financing question.

KK

KK

Lifer
What would an acceptable household income be for a $350,000 house? I did those calculators, how much house can you afford, but I don't wanna be house poor.
 
Depends on how many people you owe money too currently. Oh and taxes.

Taxes could be $2000 or they could be $8,000 depending on area.

Typically the rule is 3x household income. But that's just a rule of thumb and doesn't take into account how much debt you bring into the deal.

I'll await Vic's expert opinion for a better analysis.

🙂
 
Everyone has an opinion, mine is P&I + taxes (total payment) no more than 25% of your take home pay.

Bring home 10k a month, keep your total payment at $2500.
 
IIRC, your mortgage payment should be about 1% of the mortgage, so that's $3500. Your housing costs should generally be 1/3 of your total monthly income, so that's $3500x3 = $10,500. $10,500 x 12 months = $126,000. All very rough estimates obviously.
 
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