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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.

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.

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 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.)

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

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

Another rule to adhere to when determining how much home you can afford is that your **monthly mortgage payment should not surpass 28% of your monthly income**. For example, if you make $100,000 per year, your monthly mortgage payment should not exceed $2,333.

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**.

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.

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.

Mortgage amount: $200,000 – This example assumes you have no other debts or monthly obligations beyond your new housing costs, a 20% down payment, and a good credit score. With that down payment, your $200,000 mortgage would buy you a home worth $250,000. Salary: **$94,000 per year**.

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.

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 Income Do I Need for a 450k Mortgage? You need to make **$138,431 a year** to afford a 450k mortgage. ... In your case, your monthly income should be about $11,536. The monthly payment on a 450k mortgage is $2,769.

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.

You need to make **$215,337 a year** to afford a 700k mortgage. We base the income you need on a 700k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $17,945. The monthly payment on a 700k mortgage is $4,307.

Assuming a $150,000 purchase price, this means you will need a minimum down payment of **$5,250**.

How Much Income Do I Need for a 350k Mortgage? You need to make **$107,668 a year** to afford a 350k mortgage. ... In your case, your monthly income should be about $8,972. The monthly payment on a 350k mortgage is $2,153.

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.

$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 salary of $110K per year is **more than double the median household income** in the US (around $52K). The median personal income for someone with a college degree is around $77K. So, overall, it's a pretty decent salary.

, With more than thirty years in the industry. 100k or six figures puts you in the upper middle class and amongst the 15% of US households. Is it a good income? Of course it is **way above minimum wage**.

I make $140,000 a year. How much house can I afford? You can afford **a $476,000 house**.

$150,000 USD annual income will allow you to live very nicely in many places of the USA. However, one always needs to be Frugal with their resources, and only buy or rent what you Need/Require. Additionally, $150K **annual income will be fine for a person with a spouse**.