A generally accepted rule of thumb is that your mortgage shouldn’t be more than three times your annual income.
So if you make $165,000 in household income, a $500,000 house is the very most you should get.
How much do I need to make to afford a 400k house?
To afford a $400,000 house, for example, you need about $55,600 in cash if you put 10% down. With a 4.25% 30-year mortgage, your monthly income should be at least $8178 and (if your income is $8178) your monthly payments on existing debt should not exceed $981.
What is the monthly payment on a 500k mortgage?
Monthly payments on a $500,000 mortgage
At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,387.08 a month, while a 15-year might cost $3,698.44 a month.
How much is a mortgage on a $500000 house?
30 Year $500,000 Mortgage Loan
| Loan Amount | 2.50% | 3.50% |
|---|---|---|
| $500,000 | $1,975.60 | $2,245.22 |
| $500,050 | $1,975.80 | $2,245.45 |
| $500,100 | $1,976.00 | $2,245.67 |
| $500,150 | $1,976.20 | $2,245.90 |
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How much house can I afford if I make 43000 a year?
Research Maniacs checked with different financial institutions and found that most mortgage lenders do not allow more than 36 percent of a gross income of $43,000 to cover the total cost of debt payment(s), insurance, and property tax.