Question: What Mortgage Can I Afford Monthly?

How much house can I afford making 60k a year?

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 house can I afford based on monthly?

The 28/36 percent rule is the tried-and-true home affordability rule that establishes a baseline for what you can afford to pay every month. Example: To calculate how much 28 percent of your income is simply multiply 28 by your monthly income. If your monthly income is $6,000, then multiply that by 28.

How much mortgage can I afford for 850 a month?

Step 5: Get the best interest rate you can and pick your mortgage termFICO ScoreAPRMonthly Payment760-8503.599%$1,209700-7593.821%$1,243680-6993.998%$1,270660-6794.212%$1,3032 more rows•Aug 26, 2019

How much house can I afford for $900 a month?

A payment of $900 would have a mortgage balance of $191,976. If you include your monthly taxes, insurance and mortgage insurance payment of $300 a month, you now have a payment of $1,200 a month.

How much mortgage can I get for $2200 a month?

30 Year $2,200 Mortgage LoanLoan Amount2.50%5.00%$2,200$8.69$11.81$2,205$8.71$11.84$2,210$8.73$11.86$2,215$8.75$11.8916 more rows

What mortgage can I afford on 70k?

How much should you be spending on a mortgage? According to Brown, you should spend between 28% to 36% of your take-home income on your housing payment. If you make $70,000 a year, your monthly take-home pay, including tax deductions, will be approximately $4,328.