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How much do I need to make to buy a $300K house? 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.

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.)

How Much Income Do I Need for a 350k Mortgage? You need to make **$129,511 a year** to afford a 350k mortgage. We base the income you need on a 350k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $10,793.

What's my max house payment? Personal finance experts recommend spending **between 25% and 33% of your gross monthly income** on housing. Someone who earns $70,000 a year will make about $5,800 a month before taxes.

"House poor" is a term used to describe **a person who spends a large proportion of his or her total income on homeownership, including mortgage payments, property taxes, maintenance, and utilities**.

I make $75,000 a year. How much house can I afford? You can afford a **$225,000 house**.

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). The payment would jump to $2,417.04 for a 15-year loan.

1. **Multiply Your Annual Income by 2.5 or 3**. This was the basic rule of thumb for many years. Simply take your gross income and multiply it by 2.5 or 3 to get the maximum value of the home you can afford.

While it's hugely situational, **it is definitely possible to purchase a home if you're making $30,000 a year**. As long as you have enough savings to make a down payment, have a good credit score, and have a decent debt-to-income ratio, you should be good to go!

- 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.

Monthly payments for a $250,000 mortgage

On a $250,000 fixed-rate mortgage with an annual percentage rate (APR) of 4%, you'd pay **$1,193.54 per month for a 30-year term** or $1,849.22 for a 15-year one.

Safe debt guidelines

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.

I make $65,000 a year. How much house can I afford? You can afford a **$195,000 house**.

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.

To determine how much you can afford for your monthly mortgage payment, just **multiply your annual salary by 0.28 and divide the total by 12**. This will give you the monthly payment that you can afford.

If you want to do the math on your own, the quickest way to estimate a reasonable range for your home purchase is to multiply your annual salary by 3 on the low end and 4 on the high end. So, if you make $80,000 a year, you should be looking at homes priced between **$240,000 to $320,000**.

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 **$1,686 for a 30-year loan and $2,762 for a 15-year one**.

Typically, mortgage lenders want you to put **20 percent** down on a home purchase because it lowers their lending risk. It's also a “rule” that most programs charge mortgage insurance if you put less than 20 percent down (though some loans avoid this).

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.

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.

The 28% rule

To determine how much you can afford using this rule, multiply your monthly gross income by 28%. For example, if you make $10,000 every month, multiply $10,000 by 0.28 to get $2,800. Using these figures, your monthly mortgage payment should be **no more than $2,800**.