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How much do you have to make a year to afford a $500,000 house
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28 votes
28 votes
How much do you have to make a year to afford a $500,000 house

User Svarrall
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1 Answer

26 votes
26 votes

Answer: A $500k mortgage with a 4.5% interest rate for 30 years and a $10k down-payment will require an annual income of $121,582 to qualify for the loan.

Explanation: Depending on the interest rates this could be higher, however you should not spend more than 28% of your gross income on your mortgage.

User Schmimona
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