What can I really afford....

[Mondavi]

I have done many online calculators for what I could afford and what my DTI is. Problem is they are all so different. So I am hoping that someone here may be able to give me a good estimate.

 

I make $56,000.

I can put down $75,000-$80,000

I have $110,000 in reserves after down payment. Not sure if that really matters.

Home owners insur will be around $500 a year

Property Tax about $3,200 a year.

 

I have zero debt. Both cars paid off.

 

Still finishing up my credit. My EQ score is 715 and my TU98 is 710. So I know at least one score is 715 for sure. Those are FICOS

I am aiming for July to start the process. I am just trying to get some what of a idea of what I may be able to afford when I go into an actual office and have everthing ran.

Thanks for your time and help.

[jst300z]

My HP12c tells me, with your data:

 

$241,750

 

(keep the reserves where they are, you do want to retire someday)

[Mondavi]

Holy crap. I hope that is not the total home price I could afford and that is my loan amount according to your figures. That would get me a mobile home where I live. Was looking at homes from 308-335k. Thanks for your time.

[jst300z]

You do have the reserves to spend.......

 

My numbers are your pay / 52 as the principal and interest ONLY. 3.25% at 30 years.

 

$1,100 PLUS tax and insurance will get you a $240k loan. 20% down brings it up to $290k. Throw $20-$50k out of your reserves will get you that house you want with a payment you can afford.

[Mondavi]

Thanks again. Ya I'm just hoping to qualify for a 240-255k loan the rest I would cover. Plus I also do not want my property tax included in my house payment. Would rather pay it during my tax return for the year. My reserves are not part of my actual retirement however I would like them to be though.

[spikedup]

Off topic, but good job on saving that downpayment and those reserves on that salary. I make more than that, but don't have nearly that saved up!

[stroked89coupe]

You make 56K a year and a decent house is 300K. What state do you live in if you don't mind me asking.

[Mondavi]

Northern California

[stroked89coupe]

Wow. That's crazy. That's awesome that you have that much in savings. That's something you should be proud of.