If total income is $80,000, then is $1,500 mortgage doable?
Just playing with numbers right now...
If the total income of a couple is $80,000.
Assuming that 25% is used for taxes, insurance, etc...the total take home would be about $60,000.
That means that totally monthly take home would be: $5,000.
$5,000 x .3 is: $1,500
Am I calculating this correctly? Would a $1,500 monthly mortgage be doable?
I'm looking at the possibility of buying a home at the end of 2010 (I know, I am way ahead of myself).
My salary will be about $65k and my then husband will have a salary that is unknown right now, because he still has one more year of law school to finish.
He has $20,000 of cc debt and $140,000 of student loans to pay back. So instead of assuming our combined income will be $130,000 (which is what it will be closer to), I have chosen the modest number $80,000 which gives him the opportunity to pay back his student loans and CC debt.
That is our only debt.
Does $1,500 sound survivable?
Thanks!
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