Before accumulating unsustainable debt, it’s important to use a Mortgage Calculator like the one below to help you determine your monthly mortgage payment and the time it would take to pay off your debt.
| Year | Interest | Ending Balance |
|---|---|---|
Making smaller payments every two weeks instead of once a month saves you interest and pays down your loan faster. How? By making payments every two weeks you actually end up paying more per year (the equivalent of one extra monthly payment).
As one of the biggest financial transactions of our lives, the purchase of a home requires careful assessment of our finances as well as the potential impact of a mortgage. For advice on both buying and owning a home, we asked a panel of experts to weigh in with their thoughts on the following key questions:
Octavian Ionici
Ph.D. – Professor of Finance; Director, Financial Services Lab., Kogod School of Business – American University
James B. Marian
MRE CCIM – Adjunct Lecturer, Masters of Real Estate Development (MRED) – University of Arizona
Jonathan Halket
Assistant Professor, Helen and O.N. Mitchell, Jr Faculty Fellow in Real Estate, Mays Business School – Texas A&M University
Kareem A. Tannous
Assistant Professor of Business and Economics, School of Business, Arts & Media – Cabrini University
Edward D. Re, Jr.
AIA – Adjunct Professor - CCE, Lecturer Construction/Facilities Management, Continuing and Professional Studies – Pratt Institute
Brian C. Payne
Ph.D., CFP® – Assistant Professor of Finance, College of Business Administration – University of Nebraska at Omaha
My husband is a veteran, how much money would we have to put down on house for $380,000. His credit score is at 600 is income is $130,000 a year, my credit score is 665 to 676 but I have bankruptcy from a year ago. My income is $52,000 a year. Would we be able to get a mortgage?
Can I get frist time home buyer’s
Maybe. Do you currently own a one or have you owned one in the past 5 years? Also is your income low/medium/high relative to the area you live. There are many different types of FHA loans, a qualified mortgage lender will be able to go through your unique circumstances and tell you weather or not you will qualify and for how much. As a general rule if you are a middle or low income individual who has not owned a home in the past 5 years, you will likely be able to take out an FHA loan with no down payment requirement. However even if you do not fall into those categories, you may still qualify.
Can I qualify for no down payment 1st time home loans or fha with my income
How would you afford payments????
Your husband would have to have a substantial amount of income to get you approved with no down payment.
My income 18,300 a year I am married on disability my husband is self-employed