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Monthly payments for a $400,000 mortgage

On a $400,000 mortgage with an annual percentage rate (APR) of 3%, your monthly payment would be Monthly payments for a $450,000 mortgage

With a $450,000 mortgage and an APR of 3%, you'd pay **$3,107.62 per month for a 15-year loan and $1,897.22 for a 30-year loan**. Keep in mind, these amounts only include principal and interest. In many cases, your monthly payment will also include other expenses, too.

On a $350,000, 30-year mortgage with a 3% APR, you can expect a monthly payment of **$1,264.81**, not including taxes and interest (these vary by location and property, so they can't be calculated without more detail).

If the home price is $500,000, a **20%** down payment is equal to $100,000, resulting in a total mortgage amount of $400,000 ($500,000 - $100,000). The average down payment in the US is about 6% of the home value.

According to Brown, you should spend **between 28% to 36% of your take-home income** on your housing payment. If you make $70,000 a year, your monthly take-home pay, including tax deductions, will be approximately $4,530.

To purchase a $300K house, you may need to make **between $50,000 and $74,500 a year**. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, the type of home loan, loan term, and mortgage rate.

Conventional Loan Requirements

It's recommended you have a credit score of **620 or higher** when you apply for a conventional loan. If your score is below 620, lenders either won't be able to approve your loan or may be required to offer you a higher interest rate, which can result in higher monthly payments.

Home affordability FAQ

You'll need a down payment of **$9,000, or 3 percent**, if you're buying a $300K house with a conventional loan. If you're using an FHA loan, you'll need a downpayment of $10,500, which is 3.5 percent of the purchase price.

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.)

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**.

To finance a 450k mortgage, you'll need to earn roughly **$135,000 – $140,000 each year**. We calculated the amount of money you'll need for a 450k mortgage based on a payment of 24% of your monthly income. Your monthly income should be around $11,500 in your instance. A 450k mortgage has a monthly payment of $2,769.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; **670 to 739** are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

- 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.

**The more money you put down, the better**. Your monthly mortgage payment will be lower because you're financing less of the home's purchase price, and you can possibly get a lower mortgage rate.

- Don't finance a car or another big item before buying. ...
- Don't max out credit card debt. ...
- Don't quit your job or change careers before buying. ...
- Don't assume you need 20% down. ...
- Don't shop for houses without getting preapproved. ...
- Don't go with the first mortgage lender you talk to.

No down payment is required for VA, USDA and doctor loan programs detailed above. What credit score do I need to buy a house with no money down? No-down-payment lenders usually set **620** as the lowest credit score to buy a house.

**At least 6-12 months** before: You'll want to start saving up for a down payment (if you haven't already) so you can show a lender you have the means to purchase a home.

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.

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.

What you can afford: With a $50k annual salary, you're earning $4,167 per month before tax. So, according to the 28/36 rule, you should spend **no more than $1,167 on your mortgage payment per month**, which is 28% of your monthly pre-tax income.

For example, if you budget for a monthly housing payment of $2,500 with two percent annually going to taxes and insurance, assuming the current 30-year mortgage rate is 4%, the math “worked backwards” reveals a **maximum home purchase price of $385,000**.

I make $85,000 a year. How much house can I afford? You can afford a **$255,000 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.

**The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus**. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.