# Is 500 a good down payment on a car?

## Is 500 a good down payment on a car?

Realistically, if you have decent credit, it’s not unheard of to make a \$500 down payment. If you’re dealing with bad credit, however, you should expect to put down more. At the same time, only a lender can truly tell you how big or small of a down payment you’ll need.

How do I calculate my down payment?

In other words, the purchase price of a house should equal the total amount of the mortgage loan and the down payment. Often, a down payment for a home is expressed as a percentage of the purchase price. As an example, for a \$250,000 home, a down payment of 3.5% is \$8,750, while 20% is \$50,000.

### How much should I put down on a \$32000 car?

A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule. Make a down payment of at least 20% cash. For a \$32,000 vehicle, this would mean saving up \$6,400. Don’t spend more than 10% of your income on payments and insurance.

How much income do I need for a 400k mortgage?

To afford a \$400,000 house, for example, you need about \$55,600 in cash if you put 10% down. With a 4.25% 30-year mortgage, your monthly income should be at least \$8178 and (if your income is \$8178) your monthly payments on existing debt should not exceed \$981.

#### What is the monthly payment on a \$30000 car?

A \$30,000 car, roughly \$600 a month.

How much car can I afford on 50k salary?

Dave Ramsey takes a balance sheet approach. Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make \$50,000 a year, you should not spend more than \$25,000 for a car(s).

## Is 5 down payment enough?

If you want a so-called “conventional” mortgage, lenders typically require a 20% down payment. Many lenders will have no problem giving you a mortgage with a down payment of as little as 5% — or just 3.5% for a FHA loan (if you qualify) and some other government-insured programs.

What is a reasonable monthly car payment?

The average car payment for Americans is \$568 a month for new cars and nearly \$400 for used cars. If you’re shopping for a vehicle, it’s a good idea to understand the breakdown of that cost so you can budget accordingly.

### Is 35000 too much for a car?

Nothing is too much for a car if you are passionate about it. You might think of using the 35000 in other useful ways or invest it.

How much house can I afford 50k salary?

A person who makes \$50,000 a year might be able to afford a house worth anywhere from \$180,000 to nearly \$300,000. That’s because salary isn’t the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.