Should we Buy This House If The Mortgage is Double our Rent?
Here is a recent scenario I was discussing with a young couple who are first-time homebuyers considering a $360,000 house. They are currently renting a smaller apartment for $1,400 p/month. Key stats and pertinent points: Income: $140,000 combined, $7,800 per month after taxes Pre-approved mortgage: $400,000 House price: $360,000 Down …