# Question: How Much House Can I Afford Making 20000 A Year?

3.

The 36% Rule

Gross Income28% of Monthly Gross Income36% 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 house can I afford making \$75000 a year?

So, if you have no debt and earn \$75,000 a year, you should buy a home that costs no more than \$295,000. But let’s say you have car payments, student loans and credit card payments all totaling \$35,000 a year. In that case, the maximum you should spend on a home would be \$160,000 (\$75,000 minus \$35,000 times four).

## How much house can I afford if I make \$40000 a year?

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.)

## How much house can I afford if I make 88000 a year?

How Much House Can I Afford If I Make 88000 a Year – The home affordability calculator will estimate how much home you can afford if you make \$88,000 a year with options to include property tax, home insurance, HOA fees and more.