napi21
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 12:52 AM
Original message |
How much do you have to make to pay $3500 MTG payment? |
|
I'm listening to KGO radio from San Fransisco. A guy just called and asked about refinancing his home MTG and he was paying $3500 a momth now. How the hell much do you have to make to be able to pay that much a month on a mortage? I'm absolutely astounded that anyone can afford that!
|
auntAgonist
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 12:52 AM
Response to Original message |
napi21
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:01 AM
Response to Reply #1 |
|
I was shocked that someone would even consider paying that much!
|
punpirate
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:06 AM
Response to Original message |
3. If he's one of those many San Franciscans... |
|
... who is paying 50-55% of his take-home on the mortgage, his family income before taxes is probably $120K. That's two $60K/yr wage earners. Fairly average these days, and probably fairly near the median for San Francisco.
But, yeah, a lot more than I could afford, too.
Cheers.
|
lapfog_1
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:06 AM
Response to Original message |
4. Well, probably about $150,000 a year |
|
Let's say he bought an average place in SF... for around $950,000. If he did this some time ago, he likely got a jumbo ARM for 3.5%, if he doesn't have much other debt (credit cards, etc), and has a car payment of $450/month, AND had $200,000 to put down (from the equity built over the last decade in another BayArea home), then he could afford a $900K+ home if he makes about $12000 a month.
Sadly, $950K doesn't really buy you what the rest of the nation might think. It's a much more "average" home than the name implies... on the plus side, $150K / year is not out of the question for many high tech workers in the Bay Area (it's certainly high, but it's not out of reach).
|
CanuckAmok
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:06 AM
Response to Original message |
|
At least by my credit union's rules: They will only approve a mortgage up to an amount of monthly payment equal to no more than 25% of total gross household income.
|
MazeRat7
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:07 AM
Response to Reply #5 |
7. Yeah.. I was estimating 30% of total monthly gross. |
MazeRat7
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:06 AM
Response to Original message |
6. I would guess around $200k. (n/t) |
lavenderdiva
(1000+ posts)
Send PM |
Profile |
Ignore
|
Thu Jun-30-05 01:08 AM
Response to Original message |
8. typically, they suggest that your mortgage payment be no more |
|
than a third of your monthly income. It used to be a quarter, but now its a third. So, someone with a $3500/month mortgage, would be bringing in no less than $10,500/month, or $126,000/year.
|
DU
AdBot (1000+ posts) |
Fri May 03rd 2024, 08:23 PM
Response to Original message |