|
How
Much Can You Afford To Pay?
Your
monthly payments, including interest, principal, property taxes and
insurance, generally should not amount to more than 28% of your monthly
income. Assuming that principal and interest equal 25% of household
income and taxes; and insurance equal 3%. Here is how much people in
various income categories could afford to pay for a home if they use a
30-year mortgage and make a 10% or 20% down payment.
10% Down Payment
| Income
|
Interest Rate |
|
7% |
8% |
9% |
10% |
| $25,000 |
$104,167 |
$94,516 |
$86,180 |
$79,015 |
| $50,000 |
$208,333 |
$189,033 |
$172,360 |
$158,030 |
| $75,000 |
$312,500 |
$283,549 |
$258,540 |
$237,044 |
| $100,000 |
$416,667 |
$378,065 |
$344,720 |
$316,059 |
| $150,000 |
$625,000 |
$567,098 |
$517,081 |
$474,089 |
|
$200,000 |
$833,333 |
$756,131 |
$689,441 |
$632,118 |
20% Down Payment
|
Income
|
Interest Rate |
|
7% |
8% |
9% |
10% |
|
$25,000
|
$117,305 |
$106,437 |
$97,050
|
$88,981
|
|
$50,000
|
$234,610
|
$212,875
|
$194,099
|
$177,961
|
|
$75,000
|
$351,914
|
$319,312
|
$291,149
|
$266,942
|
|
$100,000
|
$469,219
|
$425,749
|
$388,199
|
$355,923
|
|
$150,000
|
$703,829
|
$638,624
|
$582,298
|
$533,884
|
|
$200,000 |
$938,438
|
$851,499
|
$776,398
|
$711,845
|
|