# Question: 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.

## What mortgage can I afford on 70k salary?

So if you earn \$70,000 a year, you should be able to spend at least \$1,692 a month — and up to \$2,391 a month — in the form of either rent or mortgage payments.

## 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 mortgage can I afford if I make 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 mortgage can I afford if I make 80 000 a year?

So, if you make \$80,000 a year, you should be looking at homes priced between \$240,000 to \$320,000. You can further limit this range by figuring out a comfortable monthly mortgage payment. To do this, take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%.