Mortgage

# How much can i afford for a mortgage paying 1700 a month?

On a \$200,000, 30-year mortgage with a 4% fixed interest rate, your monthly payment would come out to \$954.83 — not including taxes or insurance. But these can vary greatly depending on your insurance policy, loan type, down payment size, and more.

Correspondingly, how much would monthly payments be on an 80 000 mortgage? The monthly payment on an \$80,000 loan ranges from \$1,094 to \$8,037, depending on the APR and how long the loan lasts. For example, if you take out an \$80,000 loan for one year with an APR of 36%, your monthly payment will be \$8,037.

Also know, what is mortgage on a 500k house? Monthly payments on a \$500,000 mortgage At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total \$2,387.08 a month, while a 15-year might cost \$3,698.44 a month.

Similarly, how much is a 3.5 down payment house? Often, a down payment for a home is expressed as a percentage of the purchase price. As an example, for a \$250,000 home, a down payment of 3.5% is \$8,750, while 20% is \$50,000.

Likewise, how much would a \$100 000 mortgage cost per month? Assuming principal and interest only, the monthly payment on a \$100,000 loan with an APR of 3% would come out to \$421.60 on a 30-year term and \$690.58 on a 15-year one. Credible is here to help with your pre-approval.

## What is the interest rate on a \$80000 loan?

Mortgage Payment Calculator – Loan Amount = \$80000 – Interest Rate = 3.5% – Loan Term = 10 years.

## What is a standard line of credit?

A line of credit is a flexible loan from a financial institution that consists of a defined amount of money that you can access as needed and repay either immediately or over time. Interest is charged on a line of credit as soon as money is borrowed.

## How much do I need to earn to borrow 500k?

Gill McLean: An applicant who is single, with no debts and no dependent children would need to earn approximately \$87,000 per annum to qualify for a loan of this amount. The deposit required on a loan amount of \$500,000 would be approximately \$52,000 if a client were purchasing a property to the value of \$530,000.

## What is the mortgage payment for a 700k house?

The monthly payment on a 700k mortgage is \$4,307. You can buy a \$778k house with a \$78k down payment and a \$700k mortgage.

## How much income do I need for a 450k mortgage?

You need to make \$138,431 a year to afford a 450k mortgage. We base the income you need on a 450k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about \$11,536. The monthly payment on a 450k mortgage is \$2,769.

## How much house can I afford if I make \$40000 a year?

Example. Take a homebuyer who makes \$40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is \$933. (\$40,000 times 0.28 equals \$11,200, and \$11,200 divided by 12 months equals \$933.33.)

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## Is it worth putting more than 20 down?

It’s better to put 20 percent down if you want the lowest possible interest rate and monthly payment. But if you want to get into a house now and start building equity, it may be better to buy with a smaller down payment — say 5 to 10 percent down.

## How much money should I save before buying a house?

When saving up for a home, it’s key to have a reserve of cash savings — or an emergency fund — that isn’t used for the down payment or closing costs. It’s a good idea to have at least 3-6 months of living expenses saved up in this cash reserve.

## How can I pay off my mortgage in 5 years?

1. Create A Monthly Budget.
2. Purchase A Home You Can Afford.
3. Put Down A Large Down Payment.
4. Downsize To A Smaller Home.
5. Pay Off Your Other Debts First.
6. Live Off Less Than You Make (live on 50% of income)
7. Decide If A Refinance Is Right For You.

## What happens if I pay an extra \$500 a month on my mortgage?

Early Mortgage Payoff Examples If you paid an extra \$500 per month, you’d save around \$153,000 over the full loan term and it would result in a full payoff after about 21 years and three months.

## How does a mortgage calculator work?

A mortgage calculator translates a home price or loan amount into the corresponding monthly payment. While a mortgage calculator can be a great tool to crunch some complicated numbers and get a ballpark estimate of your monthly payment, many calculators won’t give you a complete picture of all the costs.

## What would a house payment be on 100 000?

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total \$477.42 a month, while a 15-year might cost \$739.69 a month. Other costs and fees related to your mortgage may increase this number.

## What credit score do I need for a 80000 loan?

Most lenders require a credit score of 660 or higher to qualify for an \$80,000 personal loan. If you are open to borrowing less money, you may qualify for a personal loan with a 580 credit score or higher.

## What credit score is needed for a line of credit?

A personal line of credit is an unsecured loan. That is, you’re asking the lender to trust you to make repayment. To land one, then, you’ll need to present a credit score in the upper-good range — 700 or more — accompanied by a history of being punctual about paying debts.

## At what age should you get a credit card?

But while you can’t speed up time and jump-start your average credit age, you can set yourself up for success by applying for a good starter credit card at age 18.