Friday, June 26, 2015

What should I be making per month to be comfortable paying a 30 year fixed 210k mortgage?


My net pay (not gross) per month is $4900. I am locked at 4.125% for a 30yr fixed mortgage. I am set up to be paying 1300 a month (taxes included). I have a car loan of 300 a month, car insurance 150, cell 110, motorcycle insurance 50, food, gas, going out, 800. No current credit card debt. First time home buyer who's never spent more than 800 a month. I am nervous about thsee mortgage payments. I figure tack on another 300 a month for utilities and insurance. Looking around 1600-1650 a month, I'm guessing. Should I back out before closing and look for a cheaper place?

Read more: What should I be making per month to be comfortable paying a 30 year fixed 210k mortgage?