What Mortgage Can I Afford On 50k?

Conservatively, your monthly housing costs should total 28% or less of your total gross income.

By this measure, a single adult with a $50,000 annual salary, or $4,167 in gross pay per month, can pay housing costs of up to $1,167 per month.

How much mortgage can I get on 50k salary?

3. The 36% Rule

Gross Income28% of Monthly Gross Income36% of Monthly Gross Income
$50,000$1,167$1,500
$60,000$1,400$1,800
$80,000$1,867$2,400
$100,000$2,333$3,000

4 more rows

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.)

Can I get a mortgage making 50000 a year?

Calculating the Maximum Payment

Assuming you earn a $50,000 salary, your gross income is about $4,167 per month. Based on these benchmark DTIs and estimated property taxes and insurance of $2,400 a year, or $200 per month, you can afford a monthly payment between $967 and $1,092.

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.

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.

How much income do I need for a 200k mortgage?

This rule says that your mortgage payment (which includes property taxes and homeowners insurance) should be no more than 28% of your pre-tax income, and your total debt (including your mortgage and other debts such as car or student loan payments) should be no more than 36% of your pre-tax income.