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Could I afford and should I purchase this townhouse?

I want to purchase a townhouse which costs $550,000. I own my condo outright which I could probably sell for $200k. my monthly income is 5500net and I have about 350k in savings. could I afford and should I purchase this townhouse

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Answer #1

Hello, I’m a mortgage loan officer…I have to agree with the posting by pinkpearl. Have you thought about keeping your condo as an investment property since it’s nearly paid off? Why not rent it out? With a monthly income of $5,500 at a rate of 5.875% with a loan of 200,00 your monthly mortgage payment would be around $2,114.75 without escrows included e.g.Taxes and Insurance.
You wouldn’t have Mortgage Insurance. I think you will benefit by keeping the condo and recieving a monthly income, which would be great for retirment etc. or to help pay off your town house. Prices are low and the rates are good. If you have the money, it’s a win win situation.
I sold a condo I purchased a long time ago for 60 K, now it’s worth 300K in just 6 years! You better believe I wish I had kept it! It makes me sick just thinking about it! If you’d like to talk more add me to your friend’s list. I just found this site so I don’t have info on myself just yet. I would love to help you if I can.

Answer #2

I would say, buy it but keep your condo. You have more than enough for a downpayment and you can easily qualify for a mortgage of 200k. Rent the condo out and use the rental money to pay the new mortgage.

Answer #3

do you want to be selling now that housing prices have crashed?

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