# 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.