How Much House Can You Afford With 60k Income Here s a simple look at how the 28 36 rule applies to your 60K salary 60 000 12 5 000 per month 5 000 x 0 28 1 400 your target maximum for a monthly mortgage payment 5 000 x 0 36
Add up your total monthly debt and divide it by your gross monthly income which is how much you brought home before taxes and deductions Here s an example Add up your monthly debt 1 200 Monthly income 8 333 This DTI is in the affordable range You ll have a comfortable cushion to cover things like food entertainment and vacations Housing 30 of pretax income 2 500
How Much House Can You Afford With 60k Income
How Much House Can You Afford With 60k Income
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How much house can I afford Using a percentage of your income can help determine how much house you can afford For example the 28 36 rule may help you decide how much to spend on a home The rule states that your mortgage should be no more than 28 percent of your total monthly gross income and no more than 36 percent of your total debt Here s a simple look at how the 28 36 rule applies to your 60K salary Calculator 60 000 12 5 000 per month 5 000 x 0 28 1 400 your target maximum for a monthly mortgage payment
Monthly debt gross monthly income DTI Generally DTI is displayed as a range of 20 to 50 and reflects an estimate of the top and bottom of your affordability This range will help you Affordability Guidelines Your mortgage payment should be 28 or less Your debt to income ratio DTI should be 36 or less Your housing expenses should be 29 or less This is for things like insurance taxes maintenance and repairs You should have three months of housing payments and expenses saved up
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How we calculate how much house you can afford Our home affordability calculator estimates how much home you can afford by considering where you live what your annual income is how much you have saved for a down payment and what your monthly debts or spending looks like This estimate will give you a brief overview of what you can afford An optimal DTI is 36 or below including possible housing costs but excluding current rent payments if any If your monthly income is for example 5 000 then you shouldn t owe more than 1 800 per month If your current debt is around 600 a month your housing expenses can be 1 200
Expect to pay between 3 and 5 of the loan amount in closing costs lawyer fees home inspection etc For the average 450 000 home in the U S that s at least 13 500 Sometimes you can roll your closing costs into your loan but that s more common with a refinance Maintenance Here s a simple look at how the 28 36 rule applies to your 60K salary 60 000 12 5 000 per month 5 000 x 0 28 1 400 your target maximum for a monthly mortgage payment 5 000 x 0 36
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How Much House Can You Afford With 60k Income - Here s a simple look at how the 28 36 rule applies to your 60K salary Calculator 60 000 12 5 000 per month 5 000 x 0 28 1 400 your target maximum for a monthly mortgage payment