[dewingedfairy]

How do you tell what kind of mortgage you can afford? I am completing my RN (estimating around 60k a year) and my husband just got a promotion where he will make approx. 80K a year. We live in a modest home and are looking for something bigger after I am settled in my new career. How do you tell what you can afford (combined income approx 120-140). We have minimal debt (a car payment and one credit card payment and a few student loans)

[snoll]

Use this for a rough figure but it will be pretty close. Take your monthly income (130K) /12= 10,833. Then take 40% of that = $4333. Your monthly expenses will not be able to exceed this. When I say monthly expenses I mean your credit cards, loans, your new mortgage, the monthly property tax amount, and your home owners insurance monthly amount. If you pay 500-1000 per month for your consumer debt I would say 400-500K would be your range. How much are you looking to put down?