## How much mortgage can I afford on 20000 a year?

3.

The 36% Rule

Gross Income | 28% of Monthly Gross Income | 36% of Monthly Gross Income |
---|---|---|

$20,000 | $467 | $600 |

$30,000 | $700 | $900 |

$40,000 | $933 | $1,200 |

$50,000 | $1,167 | $1,500 |

4 more rows

## Can you get a mortgage making 20 000 a year?

At $20,000 a year in income, you are making $1,666 a month. Switching to a 5–1 ARM would drop your initial core mortgage payment down to $900 a month or still more than half your gross income before even considering property taxes and insurance. Even if you can get this mortgage, doing so is probably a very bad idea.

## How much do I need to make to afford a 250k house?

To afford a house that costs $250,000 with a down payment of $50,000, you’d need to earn $43,430 per year before tax. The monthly mortgage payment would be $1,013. Salary needed for 250,000 dollar mortgage.

## What mortgage can I afford on 40k?

Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)