A borrower can devote up to 495 USD each month to repay monthly payments as part of a real estate project.
Borrow with 1500 USD net of salary
The salary is the central element in a mortgage application, it will define the feasibility of an acquisition based on the maximum debt of 33%. To put it simply, a mortgage applicant can devote up to 33% of their income to repaying different monthly payments, or even just one, that of the mortgage.
With 1500 USD of net salary, the borrower can, therefore, repay 495 USD monthly. This base will then make it possible to calculate, depending on the duration (10 years, 15 years, 20 years, 25 years, 30 years, etc.), the amount of total borrowing capacity, facilitating the search for real estate.
During a home loan study, the financial adviser will, therefore, take into account the debt of the borrower and in particular the amount of his salary. But it is imperative that the salary of 1,500 USD be attached to a contract on a permanent contract, or equivalent as a permanent civil servant status.
Other elements will be screened such as account statements which will allow you to check any credits in progress or even calculate the remainder to live. The study will verify all of these elements and confirm or not the feasibility of the real estate project.
Table of gross sums with 1500 USD of wages
Here are the gross amounts, without taking into account the fees and interest rates, that a borrower can obtain with a maximum debt of 33% and without outstanding loans:
- 5 years (60 months): USD 29,700
- 10 years (120 months): USD 59,400
- 12 years (144 months): USD 71,280
- 15 years (180 months): USD 89,100
- 20 years (240 months): USD 118,800
- 25 years (300 months): USD 148,500
- 30 years (360 months): USD 178,200
- 35 years (420 months): USD 207,900
Simulate the mortgage with an income of 1500 USD
Obtaining a home loan by receiving a monthly net income of 1,500 USD is quite possible for major real estate projects. Simply, the gross amounts calculated do not take into account the interest rates charged by the banks as well as the various costs involved in setting up the real estate project.
A distinction is essentially made between administrative fees, warranty fees and costs of going to the notary. The simulation will, therefore, allow these elements to be taken into account in order to accurately estimate the total cost of credit, conditions change each month.
It is also important to check the possibility of benefiting from homeownership assistance schemes, including the social home loan (GFI) or the zero rate loan (GFI).
The simulator will be able to interrogate these devices and complete the mortgage loan request to allow the borrower to become more easily the owner. It is important to note that this simulation is done free of charge and without any commitment.