How much money do you need to afford a 600k house?
To afford a home that costs $ 600,000 with a 20 percent down payment (equal to $ 120,000), you need to earn just under $ 90,000 a year before taxes. The monthly mortgage payment would be about $ 2,089 in this scenario.
How much should my monthly mortgage payment be?
For example, it’s generally assumed that your monthly mortgage payment (principal, interest, taxes and insurance) should be no more than 28% of your gross monthly income. This ensures you have enough money for other expenses.
How much mortgage can I afford on a 200k salary?
A mortgage on your 200k salary, using the 2.5 rule, means you can afford $ 500,000 ($ 200.00 x 2.5). With an interest rate of 4.5 percent and a term of 30 years, your monthly payment would be $ 2533 and you would have to pay $ 912,034 for the life of the mortgage for interest.
Can I afford a house with $3000 a month?
So if you make $3,000 a month ($36,000 a year), you can afford a house with monthly payments around $1,230 ($3,000 x 0.41). Use our VA home loan calculator to estimate how expensive of a house you can afford.