# How much house can I afford if I make \$120000?

Asked by: Vivienne Hyatt IV  |  Last update: February 9, 2022

Safe debt guidelines
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.

## What mortgage can I afford with 120k salary?

According to the 28/36 rule, prospective homeowners with a \$120,000 income can afford a \$1 million home on a 30-year fixed mortgage.

## How much house can I afford if I make \$125 000?

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.

## What size house can I afford with 100k salary?

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.

## How much house can I afford making 115k a year?

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

## How Much House Can You Afford On A 100k Salary?

34 related questions found

### How much income do you need for a 800k house?

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 do I need to make to afford a 450k house?

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.

### Is 120k combined income good?

Originally Answered: Is \$120,000 combined income for a family a good income? That is in the top 15% of household incomes in the US.

### How much do I need to earn for a 750000 mortgage?

If you or your household make between \$250,000-\$300,000, you are in the sweet spot to take on a \$750,000 dollar mortgage. This is because you shouldn't spend much more than 3X your annual income on a home after putting 20% down. This is my 30/30/3 rule for home-buying.

### How much do I need to make to buy a 750k house?

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%.

### How much should you put down on a 450k house?

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.

### How much of a down payment do I need for a 700k house?

The monthly payment on a 700k mortgage is \$4,307. You can buy a \$778k house with a \$78k down payment and a \$700k mortgage.

### How much is mortgage on a 600k house?

600k Mortgage | Mortgage on 600k

The monthly payment on a 600k mortgage is \$3,691.

### How much do I need to make to buy a \$300 K house?

What income is needed for a 300k mortgage? + A \$300k mortgage with a 4.5% interest rate over 30 years and a \$10k down-payment will require an annual income of \$74,581 to qualify for the loan. You can calculate for even more variations in these parameters with our Mortgage Required Income Calculator.

### What kind of house can I afford making 130k?

I make \$130,000 a year. How much house can I afford? You can afford a \$442,000 house.

### Can I afford a 600k house?

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.

### Can I afford 650000 house?

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.

### What is the mortgage on a \$650000 house?

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.

### How much income do you need to buy a \$500000 house?

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.

### How much is 130k a year hourly?

If you make \$130,000 per year, your hourly salary would be \$66.67. 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.

### How much is 130k a year after taxes?

If you make \$130,000 a year living in the region of California, USA, you will be taxed \$43,363. That means that your net pay will be \$86,637 per year, or \$7,220 per month. Your average tax rate is 33.4% and your marginal tax rate is 41.9%.

### How much house can I afford making 150k a year?

A salary of \$150,000 with no other debt will qualify you to buy a home for \$1.1 million with a down payment of 20%. With 10% down, you'll qualify for about \$1.1 million. The maximum conforming loan amount in LA County is \$970,800.

### Is 100k enough to buy a house?

\$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.

### How can I get approved for a 700k mortgage?

You'd need at least \$8,300 monthly income to qualify for that loan. Your monthly payment, including taxes and insurance, would be about \$3,650. If your consumer debt load has more than a \$500 payment, the figures change.