The amount of house you can afford on a salary of 100k will depend on various factors such as your credit score, debt-to-income ratio, down payment, and the interest rate on your mortgage. However, a general rule of thumb is that your monthly housing costs should not exceed 28% of your gross monthly income.
Assuming that you have no debt and a good credit score, you could potentially afford a monthly housing cost of around $2,333 (28% of your monthly gross income of $8,333).
Using this figure and assuming a 30-year fixed-rate mortgage with a 20% down payment and an interest rate of 3.5%, you could potentially afford a home worth around $525,000. Keep in mind that this is just an estimate and that other factors could impact the amount of house you can afford. It's important to speak with a lender or financial advisor to determine the best options for your specific situation.
0 Comments