Find out the amount of salary to have depending on the repayment terms for a mortgage of 350,000 dollars.
Salary is the basis for calculating debt because, in France, you can go into debt up to 33% of your income. In other words, a borrower can devote a third of his income to repaying various monthly payments.
Borrow 350,000 dollars: what salary?
As part of a real estate project, it is important to calculate its borrowing capacity in order to target real estate taking into account their prices. For a loan of 350,000 dollars, here is the salary to be paid according to the proposed repayment terms:
- 10 years: $ 9,700
- 15 years: $ 6,400
- 20 years: $ 4,800
- 25 years: $ 3,900
- 30 years: $ 3,200
- 35 years old: $ 2,800
The shorter the repayment period, the higher the monthly payment. For the rate, it is the opposite effect. The longer the duration, the higher the rate, so we have to find a happy medium between debt capacity according to wages and the cost of credit according to duration.
How to obtain a mortgage of 350,000 dollars?
This basis of calculation is a first approach that allows having indications on the salary, these amounts can differ when we integrate the rate of the mortgage and the different costs of setting up the home loan. It is, therefore, necessary to quantify the cost of acquiring the property, namely whether the 350,000 dollars take into account only the price of the house or whether work is included in the financing.
To obtain a loan, it is possible to file a request with banks and credit institutions. Note that online mortgage comparators allow you to simulate a free mortgage loan request for an amount of 350,000 dollars, and ensure that you obtain several financing offers with the different rates offered depending on the duration.
Simulate a home loan of 350,000 dollars
You have a real estate project in the amount of 350,000 dollars and you wish to obtain a precise estimate of the monthly payment which will be proposed to you? You just need to file a credit simulation, taking care to specify the exact amount and the financial information regarding your situation. After validation, you will receive several loan proposals taking into account your income and allowing you to finalize your real estate acquisition. The online simulation is free and without obligation.