if you make 80 000 a year how much mortgage can i afford?
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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.
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To determine how much house you can afford, most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt -- that includes housing as well as things like student loans, car expenses, and credit card payments.
1148228
You mean that by 80 I should be worth 10x my house? Enough for closing costs, furniture, unexpected repairs and other stuff, insurance premiums, moving expenses but mostly, an emergency fund. This should amount to 3 - 6 months of expenses (as you've budgeted at your new standard of living).
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To afford a house that costs $250,000 with a down payment of $50,000, you'd need to earn $43,430 per year before tax.
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Depending on your financial history, lenders generally want to see an LTV of 80% or less, which means your home equity is 20% or more. In most cases, you can borrow up to 80% of your home's value in total.
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For loans up to £400,000 you can borrow up to 80% of the property valuation or purchase price (whichever is lower). For loans up to £500,000 you can borrow up to 70% of the property valuation or purchase price (whichever is lower). Maximum loan size is £500,000.
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To afford a $400,000 house, for example, you need about $55,600 in cash if you put 10% down. With a 4.25% 30-year mortgage, your monthly income should be at least $8178 and (if your income is $8178) your monthly payments on existing debt should not exceed $981.
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Look at the Mortgage-to-Salary Ratio So if you make $165,000 in household income, a $500,000 house is the very most you should get. (Some people recommend that it shouldn't be more than 2.5 times your annual income, which yields a house price of about $412,000.)
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You need to charge high enough rent to cover your expenses and take home a profit. With mortgage payments to contend with and a tough competition, you may only be able to profit $200 to $400 per month on a property. That's $4,800 a year, a far cry from the $50,000 we're talking about for earning a living.
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The larger your down payment, the lower your monthly income will need to be to afford a million-dollar home. Generally speaking, though, for most people to afford a 1 million dollar home, they will need to make roughly $220,000 per year. This figure alone is not enough to get you a million-dollar home.
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So to answer your question, “How much do i need to make for a 500k mortgage?” In this scenario, the minimum income needed for that $500,000 condo is $113,000 or two salaries of $56,500 per year. Keep in mind, an income of $113,000 per year is the minimum salary needed to afford a $500K mortgage.
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Take your gross monthly income (that's income before taxes are taken out) and multiply it by 45% – or . 45 on your calculator. Then subtract your minimum monthly payments on any of your consumer debts. What's left is the amount you generally can “afford” for a mortgage payment.
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How much do you have to make to qualify for a million-dollar home? You need to make approximately $220,000 a year to qualify for a million-dollar home. This assumes that you have a strong financial portfolio, i.e. savings in the bank, few or no debts, etc. Expect a monthly mortgage payment of around $5,000.
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Experts suggest you'll need at least 80% of your current income in retirement. So, if you earn $75,000 a year right now, you might need $60,000 a year when you retire.
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How much you can borrow for a mortgage in the UK is generally a maximum of 5 times your income. Or 5 times your joint income, if you're applying for a mortgage with someone else.
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Here's a quick way to calculate what you can afford to borrow and repay based on your income. When a lender looks at your mortgage application they generally assume about 30% of your gross income can be used to make loan repayments. Then they factor in your debt, assets and spending to forecast your borrowing power.