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How much would my wife and I need to do in the future to get this house in Manalapan nj (approximately $ 1.1 million on its $ 1.3 million) … Please click on the link So what do u think of the house as well?


4 Thoughts on please help! as they pay me and infuture woman have this house?
  1. Reply
    December 19, 2012 at 5:17 pm

    Ummm, taxes? Insurance? Utilities? All of that varies widely from area to area. Far more to how much you need than just the purchase price of the home. (Oh, and the greater majority of information on Zillow is incorrect, so don’t even bother using them as a reference for anything.)

    General rule of thumb is salary should be 1/3rd of the purchase price. So, a $ 1.2M home would require an annual salary of $ 400,000.

  2. Reply
    Steve D
    December 19, 2012 at 5:20 pm

    Lenders will lend up to 3 times your salary – assuming you can come up with t he20% down payment (say $ 250,000 to $ 300,000), that leaves a mortgage of $ 850,000 to $ 1,000,000, so at the low end, you need $ 200,000 and a salary of about $ 275,000 and at the high end, $ 300,000 in cash and salaries totaling $ 333,333.

  3. Reply
    Fahr Quad
    December 19, 2012 at 5:55 pm

    Assuming $ 1,200,000 value and 10% down financing at 5% for 30 years puts the monthly payment at $ 7047. Try running different scenarios on the mortgage calculator below. Housing should not exceed 26% of your gross monthly income, so you will need to make $ 27,104 a month or win the lottery. Do you seriously need a house that big???

    Mortgage Repayment Summary
    $ 7,047.67
    Monthly Payment
    $ 2,537,162.47
    Total of 360 Payments
    $ 972,062.47
    Total Interest Paid
    May, 2041
    Pay-off Date
    $ 450,000.00
    Total Tax Paid
    $ 35,100.00
    Total PMI Paid
    Monthly PMI
    78 Monthly PMI Payments
    of $ 450.00 Each
    Dec, 2017
    PMI Pay-off Date

  4. Reply
    ibu guru
    December 19, 2012 at 6:40 pm

    You can no longer go over 2.5 times annual income if you have at least 20% cash down. If you go over 2x income, you are likely to get into trouble even if you do put down the 20%. So you would need income of @$ 550k to buy in that range. Note that million-dollar-plus houses, due to the difficulties of obtaining mortgages in that range, are frequently all-cash deals.

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