Moreover, what is the mortgage payment on 50K?
Assuming you have a 20% down payment ($10,000), your total mortgage on a $50,000 home would be $40,000. For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $180 monthly payment.
Likewise, can I buy a house with 50000? A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That's because salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.
Additionally, is it possible to get a mortgage for less than 50000?
Getting a mortgage loan for less than $50,000 has become almost impossible, she explains. From 2004 to 2011, only 3-4 percent of mortgages were for less than $50,000, and the number is even lower for 2014. But many towns, a substantial amount of homes cost $50,000 or less.
Can I buy a house making 40k a year?
Example. Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)
