A mortgage on 200k salary, using the 2.5 rule, means you could afford $500,000 ($200,00 x 2.5). With a 4.5 percent interest rate and a 30-year term, your monthly payment would be $2533 and you'd pay $912,034 over the life of the mortgage due to interest.
What price house can I afford on 300k a year?
This means that to afford a $300,000 house, you'd need $60,000. Closing costs: Typically, you'll pay around 3% to 5% of a home's value in closing costs. On a $300,000 home, you'd need $9,000 to $15,000.Jun 7, 2021
Is 250k a good salary?
By most measures, a $250,000 household income is substantial. It is five times the national average, and just 2.9 percent of couples earn that much or more.Dec 3, 2012