Lenders focus on the loan amount, not just the purchase price. Putting 60% down is a definite security for the bank. This means that you will be financing $128,000. Your payment will be less than $650.
As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 33 percent of your gross monthly income.
Formula: Monthly Salary x 0.33
$4,167 x 0.33 = $1,375
Banks will also look at what you are paying on all of your debt including housing expenses, car loans, child support and alimony, credit card bills, student loans and homeowner association fees. Your total monthly debt obligation should not exceed 40 percent of your gross income.
Formula: Monthly Salary x 0.40 = $1,667
The real question is whether you want to lock $192,000 into a house.