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Real Estate
Reply to "HHI 200K - how much house can/should we afford"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What are you spending to rent? I would think [b]a $550k mortgage would run you about $3500-4000 (with taxes and interest but before the tax deduction), [/b]which I would think is doable on 200k of income.[/quote] Not necessarily. The interest rate can make a huge difference. For example, a $600K house purchased this summer during the very low interest rates of 3.25% would be just over $3000/month, including tax, interest and insurance.[/quote] yes, thanks for pointing out the obvious. That calculation assumed OP was getting an interest rate that is available now-- in the range of 4.6%[/quote]
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