With the parameters you selected, the most expensive house you can afford costs $200,97
Your monthly payment would be $74
“What’s a good credit score for buying a house?”
It’s recommended you have a credit score of 620 or higher when you apply for a conventional loan. If your score is below 620, lenders either won’t be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
A credit score of 620 or higher is recommended when you apply for a conventional loan. If your score is below 620, lenders either won’t be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.
What is the 28 36 rule?
A critical number for homebuyers to use when deciding how much of their income to put towards their mortgage 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.
How much do you have to make to afford a $300000 house?
How much do I need to make to buy a $300,000 house?
To purchase a $300,000 house, you may need to make between $50,000 and $74,500 a year.
This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.
How much house can I afford with $2500 a month?
If you budget for a monthly housing payment of $2,500 with two percent annually going to taxes and insurance, and assuming the current 30-year mortgage rate is 4%, the math “worked backwards” reveals a maximum home purchase price of $385,000.
I’m Brendan Rivers, and I love all things real estate. I live in sunny Los Angeles and work as a real estate expert. I enjoy helping people find their dream home, and I love everything about the process of buying and selling property.
I’m originally from Boston, and I love spending time with my family and friends there. When I’m not working or hanging out with loved ones, you can usually find me at the beach or exploring new parts of LA.