What Can I Afford With My Income

First Time Buyer Mortgage | PropertyPal Mortgages – Most first time buyers don’t have the cash to buy a property outright, so that’s where mortgages come in. A mortgage is a loan from a bank or other financial institution to buy a property. You repay this loan, as well as interest, back to the lender over a set period of time.

The monthly gross income is $6,250 but after taxes it will be $4,870. If you are going to argue that only when a median income can afford median house. mmm. yeah, unless I find a real good deal, buying a home off my income alone, and.

A simple estimate is to spend 28% of your monthly income on housing. Learn how to better calculate how much house you can really afford.