Can I Afford A 500000 House?

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 Amount2.50%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.