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Old 02-13-2007, 03:12 PM   #6
Scooby Guru
Member#: 99289
Join Date: Oct 2005

The "rule of thumb" I've heard for first time homebuyers, is that after taxes, insurance, mortgage, etc; you should expect to pay 1% of the value of the house every month. Now Determining if you can afford that is a question of risk you are willing to take. Some people will suggest that you spend up 50% of combined income on monthly payments, where I would take the conservative and do 1/2-1/3 of a single income.

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