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What comes back Illustrative example
Hi Finko! Still looking at condos, around $2m–$3m. It’ll be my first property. Need to decide this month. What can I borrow before I commit?
Thanks! To work out what you can borrow, I need three things:
- the age of each buyer
- monthly base pay, all buyers together
- any loans you’re paying now, car or otherwise
Both 41, about $16,000 a month together, no other loans. The one we like is $2.4m.
Thanks! On a 24-year loan, here’s where you stand:
- Most you could borrow: ~$1.63m
- Monthly, tested at 4%: ~$8,810