Comments on: How much house can I afford? http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/ Personal Finance, career, investing, retirement, saving and debt blog Wed, 08 Feb 2012 14:48:13 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Jesse http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-906 Jesse Wed, 09 Apr 2008 15:14:19 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-906 Thanks Sasha...the "recommended" is 2.5x income but I said 3x simply because I have lived doing 3x for all of my homeowning life. I probably should have worded it "no more than 3x." Thanks Sasha…the “recommended” is 2.5x income but I said 3x simply because I have lived doing 3x for all of my homeowning life. I probably should have worded it “no more than 3x.”

]]> By: Sasha http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-902 Sasha Wed, 09 Apr 2008 03:14:54 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-902 Surfed in to check you out...nice site! Nice article, but income times three does seem very high to me. Maybe more like income times 2? I'd be bankrupt if my house cost 3x my income. Are you using gross income or after tax? Surfed in to check you out…nice site!

Nice article, but income times three does seem very high to me. Maybe more like income times 2? I’d be bankrupt if my house cost 3x my income. Are you using gross income or after tax?

]]> By: Moneymonk http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-901 Moneymonk Tue, 08 Apr 2008 19:44:38 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-901 I would say try to make the payment 25% of your monthly income I would say try to make the payment 25% of your monthly income

]]> By: Mr. Debtbeater http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-897 Mr. Debtbeater Tue, 08 Apr 2008 11:57:25 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-897 I would say be very careful buying exactly how much house you can afford, especially if you plan on financing the entire thing. That's exactly what we did and we ended up house-poor. (meaning we could afford the house payments, but we didn't have money for anything else) It's a good number to know, but as soon as I told my wife we could buy a 200K home...that's exactly what we started looking at on the market until we found one to buy. I would say be very careful buying exactly how much house you can afford, especially if you plan on financing the entire thing. That’s exactly what we did and we ended up house-poor. (meaning we could afford the house payments, but we didn’t have money for anything else)

It’s a good number to know, but as soon as I told my wife we could buy a 200K home…that’s exactly what we started looking at on the market until we found one to buy.

]]> By: Jesse http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-896 Jesse Tue, 08 Apr 2008 04:18:28 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-896 Mark, that seems fairly high for a 122k loan. What interest rate is that at? Mark, that seems fairly high for a 122k loan. What interest rate is that at?

]]> By: Mark Krusen http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-895 Mark Krusen Tue, 08 Apr 2008 02:02:53 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-895 My wife are just in the beginning stages of moving into a new home. We are getting a double wide on 2 acres of land. We figured the loan on just her income. Fortunately, we are good with our money and this won't be a stretch. It will be tight on the budget. But it is do able. $122,000 mortgage works out to about $1,212 per month which is $400.00 more than we have been paying for housing. Very interesting indeed. My wife are just in the beginning stages of moving into a new home. We are getting a double wide on 2 acres of land. We figured the loan on just her income. Fortunately, we are good with our money and this won’t be a stretch. It will be tight on the budget. But it is do able. $122,000 mortgage works out to about $1,212 per month which is $400.00 more than we have been paying for housing. Very interesting indeed.

]]> By: cindy http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-894 cindy Mon, 07 Apr 2008 23:35:39 +0000 http://thepennysaved.com/2008/04/07/how-much-house-can-i-afford/#comment-894 You could also consider buying a multi family house, part of the rent is considered as income. You could also consider buying a multi family house, part of the rent is considered as income.

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