[ScrimpAndSave]

Okay and just a few more questions...when I figure out how much I can afford in a mortgage, do I multiply my monthly gross or net income by .36?

At $70,000 my gross monthly is about: $5,833

At $70,000 my net monthly is about: $4,083

(I assumed 30% for taxes and other stuff taken out of my pay to get my net income)

So, do I multiply .36 by $5,833 or $4,083.

Also, should this total that I get after I multiply by .36 include the mortgage, principal, interest and insurance as well?

For a $220,000 loan...5.5% interest rate....30 year fixed...it looks like the mortgage, interest and insurance would be around $1,600 a month. I wonder if that will be doable.

Then if we are able to save for the $80,000 downpayment, we will be able to get the $300,000 house.

Oh I hope so!