How much house can I get for 70000 a year?
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 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 mortgage can I get with 60000 salary?
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 many times my salary can I borrow for a mortgage?
Every lender works within the parameters of its own guidelines, therefore, some can be more generous than others. Most mortgage lenders use an income multiple of 4-4.5 times your salary, some offer a 5 times salary mortgage and a few will use 6 times salary, under the right circumstances.