Score: 4.5/5 (27 votes)

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 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**.

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.

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**.

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

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.

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.

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.

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%.

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.

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.

600k Mortgage | Mortgage on 600k

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

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.

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

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.

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 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**.

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.

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%.

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.

$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.

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.