He also says that your mortgage payments, including insurance and taxes, should be no more than 25% of your take-home pay.
The Dave Ramsey Mortgage.
|Gross Income||Monthly Take-Home||Maximum Monthly Payment|
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What mortgage can I afford on 70k?
For the couple making $80,000 per year, the Rule of 28 limits their monthly mortgage payments to $1,866. Ideally, you have a down payment of at least 10 percent, and up to 20 percent, of your future home’s purchase price.
How much house can I afford on 65 000 a year?
How much house can I afford if I make $65,000 a year? – If you make $65,000 a year, you can afford a house around $363,249 not including taxes and insurance. Use our home affordability calculator with amortization schedule below to get a more accurate estimate.
What mortgage can I afford on 60k?
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. You also have to be able to afford the monthly mortgage payments, however.
What income do you need for a 800000 mortgage?
To afford a house that costs $800,000 with a down payment of $160,000, you’d need to earn $138,977 per year before tax. The monthly mortgage payment would be $3,243. Salary needed for 800,000 dollar mortgage.