How much mortgage can I afford on 60k a year?
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. You also have to be able to afford the monthly mortgage payments, however. Lenders want your principal, interest,…
How much income do you need to buy a 350K house?
A $350k mortgage with a 4.5% interest rate over 30 years and a $10k down-payment will require an annual income of $86,331 to qualify for the loan. Also to know Can I buy a house making 80k a year?
How much house can I afford on my income?
The golden rule in determining how much home you can afford is that your monthly mortgage payment should not exceed 28% of your gross monthly income . For example, if you and your spouse have a combined annual income of $80,000, your mortgage payment should not exceed $1,866. What house can I afford on 40k a year?
How much should I pay for a house if I’m 80K?
So, if you make $80,000 a year, you should be looking at homes priced between $240,000 to $320,000. You can further limit this range by figuring out a comfortable monthly mortgage payment. To do this, take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%.