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Can I afford a $500,000 house?
How do I figure out if I can afford a $500,000 house? I'm pre-approved for that, but I don't know if it's really within my monthly budget. I'll put 20% down. How do I determine a manageable budget based on my income and current expenses?
Asked By Adam | San Antonio, TX | 34 views | Finance Legal Info | 3 weeks ago
Answer(2)
Julianne Clark | Your Lowcountry Compass
Charter One Realty
These are questions you should be discussing with the Lender that pre-approved you. You do not want to get into a house poor situation! If your lender is not willing to discuss home buying costs and how it will affect your finances -- you need to find another one. Home purchasing is a long-term investment should be entered into only when you are ready and informed on expectations and expenses.
- 2 weeks ago
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Chris Cervantes
RE/MAX GOLD
To see if you can afford a $500,000 house:
1. Down Payment: 20% ($100,000).
2. Loan Amount: $400,000.
3. Monthly Mortgage: About $1,900 for a 30-year loan at 4% interest, plus property taxes, insurance, and PMI.
4. Total Costs: Estimate $2,500–$3,000/month for mortgage, taxes, and insurance.
5. DTI: Ensure your total monthly debt (mortgage + other expenses) is below 36-43% of your gross income.
Make sure the total monthly costs fit comfortably within your budget.
- 4 days ago
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