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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.

Assuming a $150,000 purchase price, this means you will need a **minimum down payment of $5,250**. If you are an eligible veteran, you will not have to pay a down payment if you are buying a home with a VA loan.

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.

For a $150,000, 30-year mortgage with a 4% rate, your basic monthly payment — meaning just principal and interest — should come to **$716.12**.

What income is required for a 200k mortgage? To be approved for a $200,000 mortgage with a minimum down payment of 3.5 percent, you will need an approximate income of **$62,000 annually**. (This is an estimated example.)

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.

While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that buying a home **on a middle-class salary is still possible** — in some places. Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.

- Purchase a home you can afford. ...
- Understand and utilize mortgage points. ...
- Crunch the numbers. ...
- Pay down your other debts. ...
- Pay extra. ...
- Make biweekly payments. ...
- Be frugal. ...
- Hit the principal early.

- Refinance to a shorter term. ...
- Make extra principal payments. ...
- Make one extra mortgage payment per year (consider bi–weekly payments) ...
- Recast your mortgage instead of refinancing. ...
- Reduce your balance with a lump–sum payment.

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

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.

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

You have **$40,000** for a down payment, so you need a $160,000 loan to meet the $200,000 purchase price. Your loan-to-value equation would look like this: $160,000 ÷ $200,000 = . 80.

Qualifying for a mortgage when you make $20,000 a year or $30,000 a **year is absolutely possible**. While your income plays a role in a mortgage lender's final decision, it isn't the only financial factor a lender looks at.

**You can build a house for $150,000**, but it requires planning, knowledge and discipline. Although many factors affect the cost of residential construction, its location, size and design are most important. It's also important to read about the building and building contract process before you begin.

For example, if you make $3,000 a month ($36,000 a year), you can afford a mortgage with a monthly payment **no higher than $1,080 ($3,000 x 0.36)**. Your total household expense should not exceed $1,290 a month ($3,000 x 0.43).

- 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.

Pros. A **20% down payment** is widely considered the ideal down payment amount for most loan types and lenders. If you're able to put 20% down on your home, you'll reap a few key benefits.

Let's say your outstanding balance is $200,000, your interest rate is 5% and you want to pay off the balance in 60 payments – five years. In Excel, the formula is PMT(interest rate/number of payments per year,total number of payments,outstanding balance). So, for this example you would type =**PMT**(. 05/12,60,200000).

By adding $300 to your monthly payment, **you'll save just over $64,000 in interest and pay off your home over 11 years sooner**. Consider another example. You have a remaining balance of $350,000 on your current home on a 30-year fixed rate mortgage.

Paying an extra $1,000 per month would **save a homeowner a staggering $320,000 in interest and nearly cut the mortgage term in half**. To be more precise, it'd shave nearly 12 and a half years off the loan term. The result is a home that is free and clear much faster, and tremendous savings that can rarely be beat.

$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**.

Surprisingly, YES! **It'll be close**, but it's possible with adequate income and good credit. Even though the median home price around the Bay Area is about $1M and often require $200K in downpayment, there are still plenty of good single family homes in the South Bay, and especially San Jose, that are under $600K.

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.