# ﻿How much money do you need to afford a 600k house?

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## 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.

# ﻿How much money do you need to afford a 600k house?

﻿

## 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.