Score: 5/5 (64 votes)

what does my salary need to be in order to obtain a 30 yr mortgage loan for 130000? A 30 yr mortgage for 130 000 at 4.125 would carry a principle and interest payment of 630.04. So if you follow the 25 of income rule your monthly salary should **be 2,525.00**. However there are other factors to consider.

You need to make **$46,144 a year** to afford a 150k mortgage. We base the income you need on a 150k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $3,845. The monthly payment on a 150k mortgage is $923.

With that 28/36 rule in mind, someone with $120,000 yearly income could spend **up to $33,600 per year** on a mortgage.

If a lender decided to use an income multiple of 4.5 to calculate your borrowing potential, you would need a **minimum salary of £28,888** to qualify for a £130,000 mortgage.

How much do I need to earn for a £140,000 UK mortgage? Most UK lenders use **income multiples of 4.5 x an annual salary**, though in some circumstances where the applicant is deemed to have good affordability, it might be possible to get a mortgage worth up to 5.5 x an annual salary.

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

Monthly payments on a £100,000 mortgage

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total **£477.42 a month**, while a 15-year might cost £739.69 a month. Note that your monthly mortgage payments will vary depending on your interest rate, taxes and PMI, among related fees.

Most cap the amount you can borrow at 4x - 4.5x your annual income. For a £350,000 mortgage, this would mean that you would need to be earning a minimum of **£87,500 - £77,778 a year**. If you're applying for a joint mortgage, this will be the sum of your combined incomes.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That's **a $120,000 to $150,000 mortgage at** $60,000.

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.

How Much Income Do I Need for a 450k Mortgage? 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.

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.

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. (This is an estimated example.)

$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.

The general rule is that you can afford a mortgage that is **2x to 2.5x your gross income**. Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI).

This means to secure a £500,000 mortgage, you would need an income of **between £111,111 and £125,000**, singularly for a sole mortgage or collectively for a joint mortgage. However, some lenders are willing to lend at higher income multiples, with some going as high as 5 or 6 times.

How much do I need to earn to get a £200,000 mortgage? In most cases, mortgage providers cap what they're willing to lend you at **4.5x your annual salary**. In some situations this will exceed to 5x your income and a minority to 6x - in exceptional circumstances.

- Create A Monthly Budget. ...
- Purchase A Home You Can Afford. ...
- Put Down A Large Down Payment. ...
- Downsize To A Smaller Home. ...
- Pay Off Your Other Debts First. ...
- Live Off Less Than You Make (live on 50% of income) ...
- Decide If A Refinance Is Right For You.

, 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**.

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%.

That said, in much of the US, a household income of $120K would put you in the **upper middle class**, although in very expensive areas, you would be middle class or even lower middle class depending on your lifestyle expectations and overall expenses.