# How much house can I afford making \$32 000 a year?

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.