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If you are asking, what is required for an $800,000 loan, my general answer would be that the rule of thumb is typically 25% of the loan. So, generally speaking income should be **at least $200,000 gross per annum**.

For homes in the $800,000 range, which is in the medium-high range for most housing markets, DollarTimes's calculator recommends buyers bring in **$119,371 before tax**, assuming a 30-year loan with a 3.25% interest rate.

California's Median Home Price Seen Topping $800,000 in New Peak.

Don't spend more than 5–6 times your annual income on a home. This is a simpler calculation which says you need an annual income of **$125,000 to $150,000** to afford a $750,000 home. This calculation assumes that your mortgage interest rate is 4–5%.

What income is required for a 600k mortgage? To afford a house that costs $600,000 with a 20 percent down payment (equal to $120,000), you will need to earn just **under $90,000 per year** before tax. The monthly mortgage payment would be approximately $2,089 in this scenario.

How Much Income Do I Need for a 650k Mortgage? You need to make **$199,956 a year** to afford a 650k mortgage. ... In your case, your monthly income should be about $16,663. The monthly payment on a 650k mortgage is $3,999.

Example. If the home price is $500,000, a **20% down** payment is equal to $100,000, resulting in a total mortgage amount of $400,000 ($500,000 - $100,000). The average down payment in the US is about 6% of the home value.

A good rule of thumb is that the maximum cost of your house should be no more than 2.5 to 3 times your total annual income. This means that if you wanted to purchase a $500K home or qualify for a $500K mortgage, your **minimum salary should fall between $165K and $200K**.

You need to make **$138,431 a year** to afford a 450k mortgage. We base the income you need on a 450k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $11,536. The monthly payment on a 450k mortgage is $2,769.

If you make $50,000 a year, your total yearly housing costs should ideally be no more than $14,000, or $1,167 a month. If you make $120,000 a year, you can go **up to $33,600 a year**, or $2,800 a month—as long as your other debts don't push you beyond the 36 percent mark.

Income needed for a 500k mortgage? + A $500k mortgage with a 4.5% interest rate for 30 years and a $10k down-payment will require an annual income of **$121,582** to qualify for the loan. You can calculate for even more variations in these parameters with our Mortgage Required Income Calculator.

How Much Income Do I Need for a 700k Mortgage? You need to make **$215,337 a year** to afford a 700k mortgage. ... In your case, your monthly income should be about $17,945. The monthly payment on a 700k mortgage is $4,307.

“A typical down payment is usually between 10% and 20% of the total price. On a $12,000 car loan, that would be **between $1,200 and $2,400**. When it comes to the down payment, the more you put down, the better off you will be in the long run because this reduces the amount you will pay for the car in the end.

Typically, mortgage lenders want you to put **20 percent down** on a home purchase because it lowers their lending risk. It's also a “rule” that most programs charge mortgage insurance if you put less than 20 percent down (though some loans avoid this).

It may be a seller's market with home prices on the rise, but a budget of $650,000 could still get you **a** lot of creature comforts in most places -- if buyers can find something to buy. These homes are more than three times the national median home value, which is currently $198,000, according to Zillow.

Monthly payments on a $650,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total **$3,103.20 a month**, while a 15-year might cost $4,807.97 a month.

A good starting point is your budget. Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. ... Then a safe estimate for car expenses is **$800 per month**.

It **can't be stopped** but making a large down payment gives you a cushion between the value of the car and the amount you owe on the loan. If your loan amount is higher than the value of your vehicle, you're in a negative equity position, which can hurt your chances of using your car's value down the road.

How Much Income Do I Need for a 550k Mortgage? You need to make **$169,193 a year** to afford a 550k mortgage. ... In your case, your monthly income should be about $14,099. The monthly payment on a 550k mortgage is $3,384.

How much should you be spending on a mortgage? According to Brown, you should spend **between 28% to 36% of your take-home income** on your housing payment. If you make $70,000 a year, your monthly take-home pay, including tax deductions, will be approximately $4,328.

I make $90,000 a year. How much house can I afford? You can afford **a $306,000 house**.

If you earn $125,000 a year, then you **make more than five out of every six American households**, and unless you live in a particularly high-cost area of the country, you'll have ample financial resources to save money toward building up a retirement nest egg.

Following this rule, if you make $125,000 before taxes, you should be able to afford **up to $35,000 in housing expenses per year** — or about $2,916 per month.