Jun 12 2009, 11:03 AM
QUOTE(simple.ology @ Jun 11 2009, 10:16 AM)
Assume you only pay installment for the house with 10% downpayment
you will need a montly salary of
7.5k for 300k house and 14k for 550k house.
In details:
300k house after 10% downpayment
--> PV= -270k loan
--> n = 15 years
--> i/y = assume 5.5% per year
--> PMT = RM 26,899 / year
-----> Montly installment = 26,899 / 12 = RM 2, 242
For a healthy financail situation, your debt should be 30% of your montly income
which mean your recommended salary = RM 2, 242/0.3 = RM 7, 473.
same theory for the other 1....
Too concervative IMO........the "n" could be extended and the "i" now is a lot lower than 5.5%............... you will need a montly salary of
7.5k for 300k house and 14k for 550k house.
In details:
300k house after 10% downpayment
--> PV= -270k loan
--> n = 15 years
--> i/y = assume 5.5% per year
--> PMT = RM 26,899 / year
-----> Montly installment = 26,899 / 12 = RM 2, 242
For a healthy financail situation, your debt should be 30% of your montly income
which mean your recommended salary = RM 2, 242/0.3 = RM 7, 473.
same theory for the other 1....
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