A normal mortgage having private financial insurance rates (PMI) If you do not want to take the time to save for a 20% down payment, you also have the option of trying for a traditional financing that have PMI. PMI is required for all loans with less than 20% down. In this scenario, of course, you are paying a significant sum each month to protect the lender, not yourself. PMI on a $500,000 home can range from $2500 to $5000 per year- amounts that can really add up over the lifetime of your loan. How much domestic should i afford having a health care provider financing? If you decide to move forward which have a physician mortgage, exactly how much family is it possible you afford? A great rule of thumb should be to restrict your month-to-month housing costs (month-to-month homeloan payment along with relevant expenses) to help you thirty six% of gross month-to-month money. Other financial advisers highly recommend limiting you to ultimately 25 % of one’s get hold of spend every month. Keep in mind that housing can cost you are most costs near the top of your own homeloan payment, for example utilities, HOA fees, and you can fees. […]