What job? Biomedical Engineer Where? Dallas, Texas Average salary? $49,483
Can I afford the monthly payment for a 15 year mortgage? 15 year monthly payment - $1,245.50 My monthly salary - $4,123.50 Debt to income ratio - 30% Can I afford it? -
Can I afford the monthly payment for a 30 year mortgage? 30 year monthly payment - $845.49 My monthly salary - $4,123.50 Debt to income ratio - 21% Can I afford it? -
Which mortgage suits you best? Being a early employed Biomedical Engineer, I will most likely be in debt from college loans and other payments This is why I believe the 15 year mortgage is my best choice Why? Having pre-existing payments, I think choosing the 15 year mortgage will help benefit me from spending many more years paying off my loans Even though my debt to income ratio is smaller with the 30 year mortgage (21% to 30%), the 15 year mortgage is much more appealing due to the shorter length of the loan.