The 28/36 rule is a good starting point when determining what salary you need for a $700,000 home purchase.
of your total monthly income should go toward your monthly housing costs, and that no more than 36 percent go toward overall debt payments .
Here’s how the rule works for the annual income of $151,200, as determined above. Dividing by 12 for a monthly amount comes to $12,600, and 28 percent of $12,600 is $3,528 — almost exactly equal to the monthly principal and interest figure roughly determined above. But don’t forget that you’ll need to factor in the variable monthly fees that get rolled into your housing payment, such as property taxes and insurance premiums.
As you run the numbers, keep the 36 part of the equation in mind as well. Other monthly debt, like car payments, credit card balances or student loans, can add up, and you don’t want to stretch your budget too thin by exceeding that 36 percent guideline. There are also theIn addition, remember that a $700,000 budget can take you quite far in most areas of the country. According to Redfin data from July 2023, the median sale prices in many major cities are much less — including Washington D.C.
DTI is calculated by considering your gross monthly income against your debt obligations each month. The higher your DTI, the more of a risk lenders will likely consider you.Before committing to a mortgage loan, do your research and shop around for the various types of financing that you may be eligible for. Many state and local governments also offer down payment assistance and other programs designed to make homeownership more achievable, especially for first-time buyers.
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