How Much Home Can You Afford?

3 years ago
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There are a few methods for roughly estimating how much home you can afford. A house payment should be no more than 25% of your gross monthly income (before taxes and deductions).
 
        
Annual Salary Gross Monthly Income Max Home Payment
$50,000 $4,167 $1,250
$60,000 $5,000 $1,500
$70,000 $5,833 $1,750
$80,000 $6,667 $2,000
$90,000 $7,500 $2,250
$100,000 $8,333 $2,500
$110,000 $9,167 $2,750
$120,000 $10,000 $3,000
$130,000 $10,833 $3,250
$140,000 $11,667 $3,500
$150,000 $12,500 $3,750
 
Keep in mind that this is a guideline. There are many other factors that determine how much home you can afford.
 
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Melissa Gootee SRES, ABR, MRP, ePro
Realtor
EXIT REALTY NEXUS

612-741-8822
www.MelissaGootee,com
If there is anything I can do for you please do not hesitate to contact me! 
melissagootee@gmail.com 
www.MelissaGootee.com

 

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