If you make $65,000 a year you need to keep in mind what the banks thought process when they are considering lending to you. The industry standard (pre housing bubble) was to only accept borrowers with front and back end debt ratios of 28/36. This means that only 28% of gross income should go to servicing housing costs with no more than 36% tied up servicing all debt. A good way to calculate the high end of what you can afford is to take your annual salary and multiply it by 3.5. In your case this means you should be able to afford a home valued at $227,000. Assuming you make a 20% down payment which is what you should be doing (or you will need to take out insurance at the banks request) this means you still will need to borrow $182,000. If you amortize over 25 years and lock in a fixed rate mortgage at 5% this means your monthly mortgage costs will be $1,058.53. With a salary of $65,000 a year this means you are getting $5416 a month before taxes meaning you will be using about 20% of your monthly income just on your mortgage . This puts you firmly under 28% but don`t forget to factor in property taxes (0.5 to 4% annually), home owners insurance, utlities and other expenses and you will quickly be challenging that 28% rule. Anyways, that should get you started so good luck.

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how much is $70,000 gross salary in bi weekly after taxes in ontario?

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what is 9% of 90 000

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Okay so I am currently a grade 12 student and my mom owns an esthetician business. I would like to know if i would be able to inject botox and perform lasers like laser hair removal if i were to become a nurse. What kind of nurse would i have to become and how would i become that (colledge, university) ? i would highly appreciate your help since im am very lost.

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Between $690 and $700/month, when you include the principle and interest, taxes, homeowner`s insurance, and pmi (if you put less than 20% down). Remember, that your mortgage payment could fluxate each year (despite a 30-year fixed rate) because of increases (or decreases) in homeowner`s insurance and taxes.I hope my answer will help you a lot.

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Is a mortgage company allowed to come unannounced to my house to take pictures if I am not in forclosure and just one month late in my mortgage payment.

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The simple formula that most mortgage brokers will use is your gross monthly salary *.28. This basically saying that the most a mortgage company will create a loan for you that will result in a maximum payment per month of 28% of your gross salary. In your Case, $60,000 / 12 months = $5000 per month. The most a mortgage company would like to see is a monthly payment of $1400. This equates to a 30 year mortgage on a house worth $292,000 if you put 20% down. With No Down payments the maximum would be $233,000. Note these figures assume a 6% mortgage rate.

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your salary level is $90,000 then your mortgage is decide according to your terms and size.terms means with in which the loan is fully back and size is monthly payment of mortgage.your bank will decide the interest of the payment.most banks interest is among 28% and 33%.according to your state it will be depend ruffly you can mortgage $2100.

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mortgage standard for calculating how much house you can safely afford is to multiple your yearly salary by a factor of 3.5. In your case we would divide 20,000 by 3.5 to get the salary you should be earning to buy this home which works out to $7,500. So in order to buy a house of $25,000 you need a salary north of $7,000.

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The mortgage loan amount depends on the maximum sum you are able to pay each month, your over all debt, credit rating, the real estate taxes, insurance and ability to pay the down payment which is usually 10-20% of the sale price . So if you are making a gross annual salary of $60000 then you qualifies for $200000 to $225000 mortgage loan at a rate of 6.5 % for a 28 year term. Ann Marrie

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