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Rent vs Buy Home | Which is better today?
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Home Affordability CalculatorSee what the bank will approve next to what you can actually live with.
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Everything on big decisions
How Much House Can I Afford on a $60K, $80K or $100K Salary?
At 7%, about 20% down and a payment of 25% of take-home, a $60K salary affords about $140K (max ~$177K), $80K about $188K (max ~$234K) and $100K about $234K (max ~$290K). Debts, taxes and your down payment shift it.
Big DecisionsHow Much House Can You Really Afford? The Complete Guide
Aim for a total housing payment (mortgage, tax, insurance, PMI, HOA) of about 25% of your take-home pay, never above one third, and keep the price under about 3 times your yearly income. Whichever gives the lowest price is your number.
Big DecisionsShould I Refinance My Mortgage? When It Makes Sense
Refinance if you will stay past the break-even point (closing costs divided by monthly savings) and the total lifetime cost goes down, not just the payment. A $6,000 refinance that saves $314 a month breaks even in about 20 months.
Big Decisions15-Year vs. 30-Year Mortgage: Which Saves You More?
A 15-year mortgage saves far more interest, about $261,000 on a $320,000 loan in our example, but the payment runs roughly 30% higher. Pick it only if the payment fits under about 28% of gross income with savings intact. Otherwise take the 30-year and pay extra.
Big DecisionsRent vs. Buy: How to Decide With Real Numbers
Renting is often cheaper month to month, but buying usually wins if you stay long enough. In our examples the break-even lands around 6 to 11 years. Under about 3 years, renting almost always wins, and renting only beats owning long term if you actually invest the difference.
Big DecisionsHow Much Car Can I Afford?
A common rule of thumb is 20/4/10: put 20% down, finance for no more than 4 years, and keep total car costs (payment, insurance, fuel, maintenance) under 10% of gross income. On $85,000 a year that is about $708 a month all-in.
Big DecisionsPre-Approved vs. Affordable: Why the Bank’s Number Isn’t Your Number
A pre-approval is the most a lender will let you borrow, based on gross income and debt ratios that often reach 43% to 50%. It ignores taxes, living costs and savings. Your affordable number, built on take-home pay, is usually far lower.