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When attempting to determine how much mortgage you can afford, a general guideline is to multiply your income by at least 2.5 or 3 to get an idea of the maximum housing price you can afford. If you earn approximately $100,000, the maximum price you would be able to afford would be **roughly $300,000**.

With that 28/36 rule in mind, someone with $120,000 yearly income could spend **up to $33,600 per year** on a mortgage. Assuming a 30-year fixed mortgage, a homeowner following the 28/36 rule could feasibly pay off a $1 million home with a $33,600 yearly commitment.

I make $110,000 a year. How much house can I afford? You can afford **a $374,000 house**.

Gill McLean: An applicant who is single, with no debts and no dependent children would need to earn approximately **$87,000 per annum** to qualify for a loan of this amount. The deposit required on a loan amount of $500,000 would be approximately $52,000 if a client were purchasing a property to the value of $530,000.

What income is required for a 400k mortgage? To afford a $400,000 house, borrowers need $55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should **be at least $8200** and your monthly payments on existing debt should not exceed $981. (This is an estimated example.)

When attempting to determine how much mortgage you can afford, a general guideline is to multiply your income by at least 2.5 or 3 to get an idea of the maximum housing price you can afford. If you earn approximately $100,000, the maximum price you would be able to afford would be **roughly $300,000**.

So if you earn $70,000 a year, you should be able to spend **at least $1,692 a month** — and up to $2,391 a month — in the form of either rent or mortgage payments.

Experts suggest you might need an annual income **between $100,000 to $225,000**, depending on your financial profile, in order to afford a $1 million home. Your debt-to-income ratio (DTI), credit score, down payment and interest rate all factor into what you can afford.

In Australia, housing prices are currently high, but the average income isn't enough to afford high-priced homes. In order to be able to comfortably afford the mortgage repayments on a million-dollar home, you will probably need to make **around $160,000**.

So, if you make $80,000 a year, you should be looking at homes **priced between $240,000 to $320,000**. You can further limit this range by figuring out a comfortable monthly mortgage payment. To do this, take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%.

$100,000 could conceivably get you into **a home priced close to $1 million** if you have enough income to qualify. The loan I have described above is a “non-conforming” loan. This means that Fannie Mae or Freddie Mac will not purchase it because of its size.

A $100,000 **down payment** puts you in a good position to afford a significant amount of house in most parts of the country, but if you have a poor credit score, your bank may lend you less money than someone with a great credit score and a $100,000 down payment.

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.

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.

How Much Income Do I Need for a 700k Mortgage? You need to make **$215,337 a year** to afford a 700k mortgage.

If you make $120,000 per year, your hourly salary would be **$61.54**. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

Best paying sectors and industries in Australia

**The legal sector** continues to pay some of the most generous salaries in Australia, with experienced in-house general counsel roles at ASX100 companies, taking the title of the highest paying job in Australia with an annual average salary of $437,500.

However, the general rule is **28% of your income** should be funnelled into your mortgage. Anything above that amount, the average earner might find their financial situation a little uncomfortable. However, this is just a general rule, and your finances may allow for a bigger or smaller percentage.

For a $1.5M. Home, the buyer(s) would need to have good credit, savings or assets of $300K, (after debts) and would need to be making **about $375K a year gross income**.

Assuming the best-case scenario — you have no debt, a good credit score, $90,000 to put down and you're able to secure a low 3.12% interest rate — your monthly payment for a $450,000 home would be $1,903. That means your annual salary would need to be **$70,000 before taxes**.

A mortgage on 200k salary, using the 2.5 rule, means you could afford **$500,000 ($200,00 x 2.5)**. With a 4.5 percent interest rate and a 30-year term, your monthly payment would be $2533 and you'd pay $912,034 over the life of the mortgage due to interest.

The usual maintenance cost for luxury homes can range from **$5000 to $70,000 monthly** for homes worth above 1 million, where the average cost is somewhere around 5% of the total property value annually.

How Much Income Do I Need for a 100k Mortgage? You need to make **$30,672 a year** to afford a 100k mortgage. We base the income you need on a 100k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $2,563.

A person who makes $50,000 a year might be able to afford a house worth anywhere **from $180,000 to nearly $300,000**. That's because salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.

According to the Bureau of Labor Statistics, the median salary of all individual workers (male and female of all races) was $881 weekly for the first quarter of 2018. ... An income of $70,000 surpasses both the median incomes for individuals and for households. By that standard, **$70,000 is a good salary**.