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Real Estate
Reply to "How much house can we afford? what would the monthly mortgage payments look like?"
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[quote=Anonymous]How do you think your future income will grow? And how long would you be in your new house (i.e., would you look for a 30 year fixed or could you think about an ARM)? Is the $200k in equity net of transaction costs to sell your home? If not, you're looking at a haircut of around $30,000, depending on the value of the home you'd sell (I'm using $500k as a benchmark). So, all things being equal, I'd say you could afford $700k to $800k. A $600k loan would be about $2800, give or take, as pp says. I think the above scenario is about right. A $500k loan would be about $500 less per month.[/quote]
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