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Real Estate
Reply to "If you bought a $550,000 home- what is your household yearly income?"
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[quote=Anonymous]It's not the sale price, it's the mortgage. How much do you have to put down? What other debt and expenses are you carrying? We bought a $550k house, but we only took a $385k mortgage. We have no other debt, and paid off cars, but do have daycare for one more year. Our income is $125k. No way would we have stretched to $550k if we didn't have the 30% down. Calculate how much you can afford in mortgage payments, figure out how much you have to put down, and that will tell you how high you can go. [/quote]
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