03/20/2025
According to NJMLS, the median home price in Ridgewood, NJ is $1,200,000 š”
Hereās your payment breakdown for this specific property ā¬ļø
š Purchase price: $1,195,000āØš° Down payment: $239,000 (20%)āØš¦ Loan amount: $956,000āØš Interest rate: 6.845% (30-year fixed)
Monthly Payment Breakdown:
šµ Principal + Interest: $6,261āØš” Property Taxes: $1,514āØš Insurance (estimated): $100
Total Estimated Payment = $7,875/month
š¢ How much do you need to earn to afford this home?
Lenders typically follow the 28/36 rule:
āØā
28% Rule ā Your total housing costs (mortgage, property taxes, and insurance) shouldnāt exceed 28% of your gross monthly income.āØā
36% Rule ā Your total debt payments (including mortgage, car loans, credit cards, student loans, etc.) shouldnāt exceed 36% of your gross monthly income.
š¹ To comfortably afford this home under the 28% rule, youād need a gross monthly income of at least $28,125 (or about $337,500 per year).
š” Have existing debts? That affects how much home you can afford. Send me a DM, and weāll break it down together!
FAQ:
ā Whatās the HOA? This home doesnāt have one! š«āØā Whatās my payment if I have debts? Letās chat! I can help you figure out your numbers. š¬