$320,000
Quick Reference: Income to Home Price
| Annual Income | Max Home Price | Monthly Payment | Down Payment (20%) |
|---|
Frequently Asked Questions
How much house can I afford making $80,000 a year?
With an $80,000 salary and 20% down, you can typically afford a home around $320,000 to $360,000. This assumes a 6.5% interest rate and that you follow the 28% rule (housing costs should be no more than 28% of gross income).
What is the 28/36 rule for mortgages?
The 28/36 rule is a lending guideline: your housing costs (mortgage, taxes, insurance) shouldn't exceed 28% of gross monthly income, and total debt payments shouldn't exceed 36%. This calculator uses these ratios to determine affordability.
How much house can I afford on a $100K salary?
A $100,000 salary typically supports a home price of $400,000 to $450,000 with 20% down. Your actual limit depends on interest rates, other debts, and local property taxes.
Does my other debt affect how much house I can afford?
Yes! Car payments, student loans, and credit card minimums reduce your mortgage eligibility. Lenders look at your debt-to-income (DTI) ratio—the lower your other debts, the more house you can afford.
Should I buy the maximum house I can afford?
Generally, no. Just because you can afford a certain payment doesn't mean you should. Leave room for savings, emergencies, and lifestyle. Many experts recommend spending 25% or less of take-home pay on housing.