Quote:
Originally Posted by lowside67
There are a million mortgage calculators out there that can tell you how much you need to earn to qualify for a given mortgage. Assuming you would put 20% down and saved $180k up, that's a $900k place.
If you bought a house for $900k (ie PoCo or Surrey/Delta), got a mortgage for 3.0% over 30 years ($720k mortgage), your payment would be about $3k a month. Assuming $500/month for utilities, property tax, and insurance you would need a household income of $120k/yr to qualify. This assumes you have NO other debt. Other payments such as car payments, student loans, etc would mean you'd need even more income to qualify.
-Mark
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This sounds pretty doable if your fortunate enough to live at home. Even more doable with dual-income. Thanks for the quick explanation. Will be paying off my student loan in 2 days and still have like <$10k to go before I graduate.