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.
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.