Can I afford this home?

Deal Score0

Hello all, I know this is a common question, but I’m just looking for some reassurance during the house hunt specific to my situation.

My current income is $ 55,000 gross per year, and I have no outstanding debt, everything is paid off monthly. I have about $ 25,000 in savings, and have been pre-qual’d for an FHA loan, my middle credit score was 765 when they pulled them.

If I bought a house for somewhere in the area of $ 225k, would I be overextending myself? That would put my monthly payment for PITI in the mid $ 1700’s. My net income per month would leave me with about $ 1000 left to spend on EVERYTHING else, does that seem possible?

I definitely don’t have an expensive lifestyle, and the reason that I am stretching on this purchase is because I really like the house and it has everything that I want, and I think it has enough expansion potential that I may never need to move.

Real world examples of income vs mortgage/utilities/other monthly expenses would be appreciated. I live in CT, but would love to hear from anyone.

Thanks for any advice you can offer!
Thanks for all the great responses.

I’ve talked to a broker, and I can qualify for at least 250k, obviously too much.

I have a car all paid off in good shape. My drive to work is 15-20 minutes, so I end up spending 20-30 on gas probably every 2 weeks or so.

I will be getting a raise in July, should be around 2.5%, the usual per year around here is 3.5%. The job is about as stable as I could hope for.

I’ve been putting 10% into my 401k (Im 22) and could easily cut that back to the matched 3% to put my monthly to 2800 (after life/health/dental insurance).

I should definitely qualify for the $ 8k. I will be putting ~15k into down and closing, leaving me with 10k in the bank. It would take me another year or so to save up a down for a conventional, and then who knows where the market will be.

I know this may be tight for a couple years, but it’s also an amazing location and has everything I think I’ll ever want, and plenty of room to expand.

[ Grand Architectural Pleasure : Follow the Lines and be inspired ] @ The Swedbank Central Office Tower, Vilnius, Lithuania

Swedbank AB (formerly called FöreningsSparbanken) is a leading Nordic-Baltic banking group with 9.5 million retail customers and 534,000 corporate customers in Sweden, Estonia, Latvia, and Lithuania. In Sweden, the group has 377 branches. In the Baltic countries, it has another 224 branches. Elsewhere, the group is present in Copenhagen, Helsinki, Kaliningrad, Kiev, Luxembourg, Moscow, Marbella, New York, Oslo, Shanghai, Saint Petersburg, and Tokyo.

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On 8 September 2006, FöreningsSparbanken AB changed its name to Swedbank AB. The name change took place in the afternoon local time, after the Swedish Companies Registration Office registers the changes in the company’s articles of association. On the same date the subsidiary AB Spintab changed its name to Swedbank Hypotek AB (Swedbank Mortgage AB in English). At the same time, FöreningsSparbanken Jordbrukskredit AB changed its name to Swedbank Jordbrukskredit AB. Other subsidiaries will change their names at later dates.

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The first Swedish saving bank was founded in Gothenburg in 1820. In 1992 a number of local savings banks merged to create Sparbanken Sverige ("Savings Bank Sweden"), which was known simply as Sparbanken ("The Savings Bank"). In 1995 this bank was listed on the stock exchange. In 1997 the bank merged with Föreningsbanken and the names were combined to create FöreningsSparbanken. During the late 2000s global financial crisis, Swedbank accepted government assistance due to its losses from loans made to neighboring Baltic economies.

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Swedbank is listed on the Stockholm Stock Exchange. The bank has no clear majority owner, but is mainly owned (7.8%) by Folksam. The second largest owner is a number of local savings banks, controlling 7.6% of the stocks. Also, a number of large financial institutions control small blocks of shares in the bank but none of these exceed 5%. 24% of the shares are owned by foreign individuals and companies.

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For more information and insights into this banking conglomerate please follow the link and save some time for reading this article:

WIKIPEDIA = Swedbank = One Step around the WORLD at A TIME

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A bank is a place that will lend you money if you can prove that you don’t need it.

— Bob Hope

95 Comments
  1. Reply
    MLE
    April 30, 2011 at 12:24 am

    No you cannot afford this home, if the mortgage would be $ 1700 and you would only have $ 1000 left over for everything else means you make about $ 2700 a month you should not be spending more than 25% of your income on your rent/mortgage.

  2. Reply
    Steve D
    April 30, 2011 at 12:25 am

    Although I am surprised you could qualify for a $ 225K mortgage, I would still think that you would be cash strapped for a while.

    Figure $ 200 for electricity and another $ 50 for water/sewer a month (maybe more). Add in $ 100 a month for general house maintenance. I figure you will want cable/internet and cell phone, another $ 200 a month.

    This is $ 550 of your disposable $ 1,000, leaving $ 450 for food, clothes, various sundries – about $ 110 a week. That’s a lot of Ramen noodles, and doesn’t include transportation costs (if you drive, that’s probably $ 20 a week minimum in gasoline and not including general maintenance and car insurance – if you commute by bus/train, I leave it to you to figure out what that costs).

  3. Reply
    PureOrLady
    April 30, 2011 at 1:04 am

    that’s well over the recommended amount, however:
    how stable is your income?
    what is the potential for raises?
    Have you checked on life insurance? house insurance? property taxes? Called the utility companies to find out what the elec garb water gas etc will cost for that home?
    What condition is it in? When was the roof put on? How old is the wiring, the pipes, what about the heating system?
    If you qualify for the first time buyers credit (first purchase in 3 years) then for this year only you should be able to not pay federal taxes–a few hundred extra each month. But no question about it it’s a stretch and you won’t be able to afford a car for a long time.
    Still unless you are expecting to live very frugally I would try to find a home with a price of 150,000.00 and see if the lenders will let you get private term life insurance (which is much cheaper and you can lower the payoff every year)
    But in today’s market you might be able to wheel and deal on this house to a point where it is affordable to you–I don’t see that at 225,000.00 though.

  4. Reply
    john c
    April 30, 2011 at 1:22 am

    the mortgage company/bank will give u that answer

  5. Reply
    UggBoy♥UggGirl [ PHOTO // WORLD // SENSE ]
    April 30, 2011 at 1:31 am

    Many more impressions of beautiful Vilnius, Lithuania with particular emphasis on the New Town, which goes often unnoticed by visitors to this wonderful capital city, ENJOY:

    Happy Travels and Discoveries, ALWAYS!

  6. Reply
    UggBoy♥UggGirl [ PHOTO // WORLD // SENSE ]
    April 30, 2011 at 1:35 am

    Vital statistics about the Swedbank Central Office Tower in Vilnius, Lithuania include:

    =

    Name: Swedbank Central Office

    Location: Vilnius

    Country: Lithuania

    =

    Height / architectural: 60 m

    Floors / above ground: 16

    =

    Construction type: High-rise building

    Facade material: steel, wood and glass

    Facade system: curtain wall

    Architectural style: Modernism

    =

    Main usage: Offices

    Side usage: Cafe / outdoor space / terrace

    =

    – The first floor of the building is dedicated to customer service operations which will be accessible to the public while the second floor contains an auditorium and a cafeteria with a view to the nearby River Neris.

    – Four tower cranes were used during construction.

    – The building is comprised of two separate volumes – 14 and 16 floors – each interconnected by a glass atrium and one horizontal volume equalling the height of 4 floors.
    Features 4 underground parking levels.

    – The winning project was chosen because of its superlative integration into the surrounding area: the Konstitucijos Avenue, other newly built high-rises and the natural surroundings of River Neris and the slope leading towards the river.

    – The winning design was chosen from a contest in which there were 22 entrants.

    =

    Architect: Audrius Ambrasas Architects

    =

    BE AWARE! BE INSPIRED! BE OPEN!

  7. Reply
    mtdvetter
    April 30, 2011 at 1:53 am

    Excellent symmetrical lines and shapes, great shot!

  8. Reply
    flemming. d5000
    April 30, 2011 at 2:40 am

    Excellent series, my friend

  9. Reply
    ***Carmem***
    April 30, 2011 at 2:41 am

    Oh,i love this geometric picture!!
    great efects!!

    Happy Weekend!!

  10. Reply
    Victoria.....a secas.
    April 30, 2011 at 3:29 am

    Excellent as usual, greetings my friend.

  11. Reply
    Canadian Wendy
    April 30, 2011 at 3:44 am

    wow this is an instant fav for me I love the lines & patterns here!!! You certainly have the eye!!! Have a super weekend my friend!!!

  12. Reply
    Cheng I
    April 30, 2011 at 4:26 am

    Strong shapes.

  13. Reply
    P U T H oo R (running slow)
    April 30, 2011 at 5:03 am

    Awesome shot and framing! It’s wonderful, my friend! Thank You!

  14. Reply
    UggBoy♥UggGirl [ PHOTO // WORLD // SENSE ]
    April 30, 2011 at 5:05 am

    Thank you my friends for all your kind support! A real pleasure! Wishing you all a great weekend and time ahead!

  15. Reply
    ciccioetneo
    April 30, 2011 at 5:49 am

    Very well composed image!

  16. Reply
    Silvio Luz
    April 30, 2011 at 6:15 am

    excellent

  17. Reply
    foxybagga
    April 30, 2011 at 6:21 am

    super shot!

  18. Reply
    Urugallu
    April 30, 2011 at 7:03 am

    Maravillosa! Me gusta mucho! Feliz fin de semana

  19. Reply
    maria-petosa ( EXPLORED @ 148 ! THANK YOU )
    April 30, 2011 at 7:24 am

    Really cool perspective Ugg!

  20. Reply
    @ Reta @ OFFLINE
    April 30, 2011 at 8:24 am

    I always look forward to seeing your work…I simply love this…awesome details…have a wonderful day sweet one !!!!

  21. Reply
    Jeronim01
    April 30, 2011 at 8:30 am

    Great angle, good graphic shot.

  22. Reply
    Steve-h
    April 30, 2011 at 8:57 am

    fabulous !

  23. Reply
    jocandeias
    April 30, 2011 at 9:56 am

    This pic makes me wanna… swallow a couple of anti-vertigo pills.

    (excellent shot!)

  24. Reply
    Lucy Mayorga
    April 30, 2011 at 10:33 am

    Excelente, Vista En: * Dame 5 Premios *
    Post 1 & Comment on the 5 next to yours.

  25. Reply
    xavo_rob
    April 30, 2011 at 11:28 am

    Excelente, Vista En: * Dame 5 Premios *
    Post 1 & Comment on the 5 next to yours.

  26. Reply
    Graphіe
    April 30, 2011 at 11:29 am

    This pic makes me wanna… install ceramic tiles on my kitchen walls.

  27. Reply
    Yavanna Warman
    April 30, 2011 at 12:07 pm

    This pic makes me wanna… put my feet one the rhombus !

  28. Reply
    knightbefore_99
    April 30, 2011 at 12:19 pm

    fantastic angle
    .
    .

    Excellent, Seen In: * Give Me 5 Awards *
    Post 1 & Comment on the 5 next to yours.

  29. Reply
    jebob
    April 30, 2011 at 12:44 pm

    great abstract

  30. Reply
    Gioser_Chivas
    April 30, 2011 at 12:53 pm

    Excelente, Vista En: * Dame 5 Premios *
    Post 1 & Comment on the 5 next to yours.

  31. Reply
    Hesteruelas
    April 30, 2011 at 1:23 pm

    Lovely shot!!!!
    Great composition and colors!!!
    Hapy weekend

  32. Reply
    pixie.tungl
    April 30, 2011 at 2:02 pm

    Excellent, Seen In: * Give Me 5 Awards *
    Post 1 & Comment on the 5 next to yours.

  33. Reply
    Gonmi
    April 30, 2011 at 2:41 pm

    Excelente, Vista En: * Dame 5 Premios *
    Post 1 & Comment on the 5 next to yours.

  34. Reply
    Colin J Spence Photos
    April 30, 2011 at 2:52 pm

    THAT’S MODERN! SEEN IN:
    ***LUIZA’S MODERN ARCHITECTURAL GALLERY!***

    CELEBRATED URBAN STYLE!
    Celebrated around the world in:
    ***LUIZA’S MODERN ARCHITECTURAL GALLERY!***

  35. Reply
    STEHOUWER AND RECIO
    April 30, 2011 at 3:22 pm

    Excellent capture and lines!

  36. Reply
    Midnight and me
    April 30, 2011 at 4:09 pm

    WONDERFUL!….This is like looking at Art…..It IS looking at Art : ))

  37. Reply
    Do0da ©
    April 30, 2011 at 4:12 pm

    difenetly a pleasure to observe 🙂 captured from an excellent angle!
    great abstraction. Have a great weekend UGG B)

  38. Reply
    Colorado Sands
    April 30, 2011 at 4:50 pm

    Wonderful patterns – very good!

  39. Reply
    UggBoy♥UggGirl [ PHOTO // WORLD // SENSE ]
    April 30, 2011 at 5:07 pm

    Thanks my friends for all your kind support! Always a pleasure! Wishing you all a great weekend!

  40. Reply
    Yermass
    April 30, 2011 at 5:09 pm

    incredible this lines, a very good sharpness with the scratchess

  41. Reply
    jean-marc rosseels (away)
    April 30, 2011 at 5:51 pm

    Makes a wonderful abstract!!! Superb my friend!

  42. Reply
    Dan Anderson.
    April 30, 2011 at 6:22 pm

    wonderful urban abstract

  43. Reply
    MAMEDE & ANA HARFOUCHE
    April 30, 2011 at 6:31 pm


    KEEP SAFE, Enrico.

    KISSES AND PEACE.

    الله أكبر * " ALLAH HU AKBAR! "

  44. Reply
    Ray ()
    April 30, 2011 at 6:46 pm

    wonderful abstract shot and series Enrico,

  45. Reply
    Dave Linscheid
    April 30, 2011 at 7:38 pm

    I love the lines, wow!

  46. Reply
    Photoshop Player 2009
    April 30, 2011 at 8:17 pm

    very nice shot

  47. Reply
    the-father
    April 30, 2011 at 8:25 pm

    Wow! Fantastic!

    INVITATION to blink again Interesting Images!
    Please add this photo to
    http://www.flickr.com/groups/blink_again/

    You deserve another award from BLINK AGAIN Interesting
    http://www.flickr.com/groups/blink_again/

    6 awards? Post HERE
    4 awards? second chance thread post HERE

  48. Reply
    sgmillionxu2000
    April 30, 2011 at 8:45 pm

    wow, just awesome!

  49. Reply
    tamahaji
    April 30, 2011 at 8:47 pm

    beautiful pattern and tone!

  50. Reply
    NickPhotoSalon村口
    April 30, 2011 at 9:21 pm

    amazing shot

  51. Reply
    profmpc
    April 30, 2011 at 10:14 pm

    Beautiful pattern. Fantastic capture!!

  52. Reply
    Darkness!! الحمدالله
    April 30, 2011 at 10:23 pm

    woow greaat my friend : ) .

  53. Reply
    Ming - chun
    April 30, 2011 at 11:10 pm

    wish you have a great weekend , my dear friend
    CHUN

  54. Reply
    K. J.. { away }
    April 30, 2011 at 11:56 pm

    Brilliant capture!
    Have a great weekend!!

  55. Reply
    travelhaha
    May 1, 2011 at 12:41 am

    Nice works^^
    Have a nice weekend^^
    />

    Amazing work, please add your photo to:
    攝影發燒友

    Please tag your photo: 攝影發燒友

  56. Reply
    Patricia Speck
    May 1, 2011 at 1:17 am

    i had to laugh at the quote from Bob Hope…..so very true though :-))
    A lovely series of shots here my friend, and as always the perfect write-up.
    You are a great photo-journalist.
    Love your work.
    Take care and have a fabulous weekend
    Tricia.

  57. Reply
    Funny Tiger
    May 1, 2011 at 1:41 am

    great work

  58. Reply
    aʙɵɵɗ ʙɐʀʀȳ (Maybe Delete)
    May 1, 2011 at 2:24 am

    it"s Faved !!

    <3

  59. Reply
    gbrummett
    May 1, 2011 at 3:12 am

    Amazing textures!

    So hope you are having a great weekend!

  60. Reply
    old tea
    May 1, 2011 at 3:12 am

    Superb series of work, well done!!!

  61. Reply
    malai mavino@850 having Internet problem in y plac
    May 1, 2011 at 3:43 am

    Fantastic image and beautiful colour .
    Really is an Excellent capture…
    would really appreciate your views on my picture…
    Have wonderful weekend 2 you and your family..

  62. Reply
    fender bassman
    May 1, 2011 at 4:32 am

    Lovely image.
    Exelent pattern picture.

  63. Reply
    .:Dark.Live:.
    May 1, 2011 at 5:04 am

    Wonderful capture 😀
    Happy Saturday 🙂

  64. Reply
    sasetti 
    May 1, 2011 at 5:25 am

    buon week end

  65. Reply
    Salsilandia
    May 1, 2011 at 5:51 am

    Great perspective. Remember me a chess game. Fantastic.


    Seen on your photo stream. (?)

  66. Reply
    AZoz ●●
    May 1, 2011 at 6:08 am

    As usual you are creative .. Beautiful picture very like it .!!
    Well done I wish you success and to continue towards creativity I liked everything in the picture beautiful colors and nice Regards!!

  67. Reply
    niceazurpassionpoesie
    May 1, 2011 at 6:45 am
  68. Reply
    niceazurpassionpoesie
    May 1, 2011 at 7:18 am

    superbe

  69. Reply
    niceazurpassionpoesie
    May 1, 2011 at 7:58 am

    congrats

  70. Reply
    niceazurpassionpoesie
    May 1, 2011 at 8:13 am

    (;-))

  71. Reply
    Cesis
    May 1, 2011 at 8:36 am

    genial los tonos y perspectiva…saludos y feliz domingo.

  72. Reply
    Cesis
    May 1, 2011 at 9:20 am
  73. Reply
    Hsin Tai Liu
    May 1, 2011 at 10:07 am

    nice perspective! cool shot!!

  74. Reply
    ** 5 9 5 0 3 6 **[More Off Less ON]
    May 1, 2011 at 10:51 am

    wonderful shot

  75. Reply
    MAR2014
    May 1, 2011 at 11:38 am

    a feast for the senses, a big hug and happy Sunday

  76. Reply
    Schano
    May 1, 2011 at 12:27 pm

    Bella serie,complimenti e buona domenica !!!!

  77. Reply
    Shanz Photography
    May 1, 2011 at 12:58 pm

    Finding beauty in almost everything you see, well caught…

  78. Reply
    ~Shun~
    May 1, 2011 at 1:58 pm

    Excellent series and composition!

  79. Reply
    marci goelzer
    May 1, 2011 at 2:33 pm

    Linda composição!

  80. Reply
    olivier.jeannin
    May 1, 2011 at 2:54 pm

    Excellent job, this is so beautiful!

  81. Reply
    Sujit & Roz
    May 1, 2011 at 3:43 pm

    Whew……….which way is up??? Great shot, love the geometric shapes and light!

  82. Reply
    rianti ape
    May 1, 2011 at 4:36 pm

    Great perspective enrico

  83. Reply
    y2-hiro
    May 1, 2011 at 5:18 pm

    Magical cityscape !!
    Cool series here !

  84. Reply
    HeLL62_TrBS
    May 1, 2011 at 5:20 pm

    fantastic!!

  85. Reply
    John 3000
    May 1, 2011 at 6:26 pm

    Great pattern!

  86. Reply
    Deborah_Marbella
    May 1, 2011 at 7:12 pm

    Vista su – Seen in:
    *Improvvisa ispirazione*

    Splendida ispirazione!
    Complimenti!!!!

    Thank you for sharing this beautiful image!

  87. Reply
    Deborah_Marbella
    May 1, 2011 at 7:26 pm

    Seen In: * Double Star Award * Post 2 & Award 3

  88. Reply
    Bushra & Sons
    May 1, 2011 at 7:55 pm

    This awesome picture was seen in * Octopus Award – P1&A2 *

  89. Reply
    Vancayzeele Olivier
    May 1, 2011 at 8:12 pm

    This awesome picture was seen in HWA – Post 2 & Award 3

  90. Reply
    Deborah_Marbella
    May 1, 2011 at 8:54 pm

    Seen In: * Cross Award * (Post 2 & Award 3)

  91. Reply
    Tahir Iqbal
    May 1, 2011 at 9:06 pm

    Seen In: * The Magic Key – Post 2 & Award 3 *

  92. Reply
    MAMEDE & ANA HARFOUCHE
    May 1, 2011 at 9:43 pm

  93. Reply
    GazFoto
    May 1, 2011 at 10:09 pm

    Seen In: * Double Star Award * Post 2 & Award 3

  94. Reply
    Félix Abánades
    May 1, 2011 at 10:15 pm

    img src="http://i167.photobucket.com/albums/u156/switchmyspace/tu.gif"/&gt;
    Visto en: * Premio Turquesa – Post 1 y 2 * Premio

  95. Reply
    Son Avalos
    May 1, 2011 at 11:13 pm

    Excellent picture, I’ve lost in lines, into a fabulous chessboard..

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