how much money should you make to buy a 700k house

The biggest and most important expense to worry about is your down payment. If you make 70000 a year or 5833 a month your monthly mortgage payment would be approximately 2800.

Here S How To Figure Out How Much Home You Can Afford

Covering a Down Payment.

. Monthly mortgage payment of 1450 would fall within. Answer 1 of 7. On a 700k purchase price and 20 down 560k loan amount at 6 on 30 year fixed 3357 plus tax.

There is a mortgage for 700k in this bundle. Your housing expenses should be 29 or less. Before taxes and other withholdings the average person who makes around 70000 a year will take home around 5800 each month.

We base the income you need on a 700k mortgage on a payment that is 24 of. If you have 1150 in monthly debt payments you will likely need to make an additional 13800 annual income to cover the difference for your 700k mortgage. Ill give you a mortgage bankers answer to show you what you can qualify for.

The monthly mortgage payment would be 2437. The term afford is highly subjective. 50 rows To afford a house that costs 700000 with a down payment of 140000 youd need to earn 104450 per year before tax.

We base the income you need on a 700k mortgage on a payment that is 24 of your monthly income. And as someone said you would have to have a 10-20 deposit. The down payment for a 778k house would be 78k and the mortgage.

Personal finance experts recommend spending between 25 and 33 of your gross monthly income on housing. There are a couple of important variables in the approval. Your mortgage payment should be 28 or less.

If you have 1150 in monthly debt payments you will likely need to make an additional 13800 annual income to cover the difference for your 700k mortgage. With VA loans your monthly mortgage payment and recurring monthly debt combined should not exceed 41. For someone making 200k 45 of their total debt to income would be 7500.

The income needed for a 700k mortgage would be 234000 a year if you were to go by the mortgage-to-income ratio. With taxes and fees it might be over 3400. On a 700k mortgage you will pay 5180 per month.

415 49 votes You need to make 215337 a year to afford a 700k mortgage. However some recommend that the mortgage must be 25 times. Lets say youre taking the mortgage route to buying a home.

Someone who earns 70000 a year will make about. 55 62 votes You need to make 215337 a year to afford a 700k mortgage. So if you make 3000 a month 36000 a year you can afford a house with.

Your debt-to-income ratio DTI should be 36 or less. We base the income you need on a 700k mortgage on a payment that is 24 of. How much money do you need to make annually to pay for a house.

700000 15 105000 which gives you a required mortgage of 595000 so I would imagine that you would want a.

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