How much do I need to make to afford a $1500 mortgage?

You make $60,000 annually, or $5,000 each month, pre-tax.
If you’re following the rule of 30/43, you’ll spend no more than $1,500 (30% of $5,000) a month on home payments.
That leaves you with $3,500 to spend each month on other expenses.
26 Aug 2019

How much do you have to make a year to afford a $400000 house?

Experts suggest that you don’t spend more than 28% of your income on your mortgage. This means that to comfortably afford a $400,000 mortgage at 5%, you should make around $77,000 per year in after-tax income (which means your salary should be over $100,000).

What house can I buy with 30k salary?

If you use the 28% rule, you can afford a monthly mortgage payment of $700 on a yearly income of $30,000. Another guideline to follow is that your home should cost no more than 5 to 3 times your yearly salary, which means if you make $30,000 a year, your maximum budget should be $90,000.

How much house can I afford for $1800 a month?

800 dollars is what you need to pay upfront, and zero dollars down means you can spend up to 300.826 dollars on a house.

What is the 28 36 rule?

A critical number for homebuyers is the 28/36 rule. According to this rule, your mortgage payment shouldn’t be more than 28% of your monthly pre-tax income and 36% of your total debt. This is also known as the debt-to-income (DTI) ratio. 1 May 202

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