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I know that its not that simple but atleast give me an estimate of how expensive of a house I would be able to get. And don’t go on about something off-subject like “the money in my job doesn’t matter as much as me being happy with what I do” or other stuff like that…

3 Thoughts on How expensive of a house can I own (an estimate) if my job pays $228,269 a year?
  1. Reply
    ***kmn***
    March 5, 2013 at 3:03 pm

    That depends on how much of your salary you would like to put towards servicing your loan, and how much deposit you currently have….whether this is your first home, whether you have family to support, whether you have other investments, whether you have other loans to service, school fees to pay???

    If you want to enjoy your life, you should generally try to keep your monthly mortgage repayments to 1/3 of your monthly salary….although if you are on a higher salary…you can push it out a bit further.

  2. Reply
    Chris
    March 5, 2013 at 4:01 pm

    there are a lot of mortgage sites that have qualification calculators: these will tell you what you can afford. I like the ones at http://www.mysecpacloan.com myself.

  3. Reply
    J k
    March 5, 2013 at 4:02 pm

    Okay , just an estimate, figure your monthly is $ 19,022 based on your info. Figure 1/3 of that is $ 6,277. Assuming you will put down 20% on a home, which is what alot of lenders are requiring now, you can comfortably get into a 900k home or thereabouts, up to 1 mil+ with some discomfort with today’s rates. Say you don’t have the 20% but you have ideal credit, above 750 FICO score, and you’ve been at your job for awhile. You would have to apply for a jumbo loan ( a loan above 417k) and you would probably be able to get into a 600-700k home, depending on how much of your take home you want to keep after your monthly mortgage, and assuming you’ll include property tax and home insurance in that monthly payment. doesn’t hurt to call a local lender (someone you are comfortable with, like a referral preferably) and give him/her 15 minutes or so of your time on the phone, then they can give you a pretty good picture of how much house you can afford based on what you tell them. Hope this helps…!

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