What salary do I need for a $500000 house?

A good rule of thumb is that the maximum cost of your house should be no more than 5 to 3 times your total annual income. This means that if you want to purchase a $500K home or qualify for a $500K mortgage, your minimum salary should fall between $165K and $200K.
So, if you’re looking at homes that cost more than $500K, you’ll need to have an annual income of at least $165K in order to qualify for a mortgage.
On the other hand, if you’re only looking at homes that cost $500K or less, you’ll need an annual income of $200K in order to qualify for a mortgage.

What salary can afford a 200K house?

You will need an approximate income of $62,000 annually to be approved for a $200,000 mortgage with a minimum down payment of 5 percent. (This is an estimated example.)

How much is a $300000 house per month?

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,4325 a month.

On a 15-year mortgage, your monthly payments might total $2,2106 a month.

These estimates are based on a $300,000 mortgage.

Your actual monthly payments may be different, depending on the interest rate, the term of your mortgage, and other factors.

What mortgage can I get with 70k salary?

On a $70,000 income, you’ll probably qualify for a home loan between $250,000 and $400,000. The exact number will vary depending on your lender, the area you live in, and how much debt you have.

What income do you need for a $800000 mortgage?

How much do you need to make to be able to afford a house that costs $800,000?
To afford a house that costs $800,000 with a down payment of $160,000, you’d need to earn $119,371 per year before tax.
The monthly mortgage payment would be $2,78
Salary needed for 800,000 dollar mortgage.

Leave a Reply

Your email address will not be published. Required fields are marked *