Can we afford it?

[Peter Stuker]

Hi,
I am glad if found this forum.
My wife and I have been giving a lot of thought about buying our first home.
We live in the San Diego, CA and the real estate market is pretty crazy down here.

Anyway, we have been saving quiet a lot and now we wonder if this is the right time to purchase a house.

We have found this new community that is currently building some really nice condos.
We are interested in a $430,000 3 bedroom condo.

We can put $100,000 for a down payment.

My wife is completing her doctorate, she makes around $25,000 a year.
I am an engineer and I make $50,000 a year.
I have good credit and my wifre excellent credit.
The reason my credit is not as good as my wife's is because I have a car payment of $400 per month and also, since I have been in the US for only 6 years (I am a permanent resident), I do not have that much credit history.

My question is: can we afford this condo with the figures I just pointed out.
I couldn't find two online calculators that give me the same answers.

With almost 25% for the down payment, and given our gross salary of about $75,000 a year, what would be our mortgage like?

Any advise will be greatly appreciated.

Peter

[Mark]

I'd guess around $2500 a month, not including insurance and taxes..

[rmurray]

You might try this web site has all kinds of mortage calulators...And good info on mortgages...http://www.mtgprofessor.com/