Income to Afford a $120,000 House

How much do you need to make to be able to afford a house that costs $120,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $120,000 with a down payment of $24,000, you'd need to earn $20,846 per year before tax.
The monthly mortgage payment would be $486.

Salary needed for 120,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $120,000. It assumes a fixed-rate mortgage.

A good rule of thumb is to spend no more than 28% of your pre-tax income on your mortgage payment.

What is the income needed to buy a $120,000 house?
Down Payment 3.75% 4.00% 4.25% 4.50% 4.75% 5.00%
$0 $23,817 $24,553 $25,300 $26,058 $26,828 $27,608
$6,000 $22,627 $23,325 $24,035 $24,755 $25,486 $26,228
$12,000 $21,436 $22,098 $22,770 $23,452 $24,145 $24,847
$18,000 $20,245 $20,870 $21,505 $22,149 $22,803 $23,467
$24,000 $19,054 $19,642 $20,240 $20,846 $21,462 $22,086
$30,000 $17,863 $18,415 $18,975 $19,544 $20,121 $20,706
$36,000 $16,672 $17,187 $17,710 $18,241 $18,779 $19,326
$42,000 $15,481 $15,959 $16,445 $16,938 $17,438 $17,945
$48,000 $14,290 $14,732 $15,180 $15,635 $16,097 $16,565
$54,000 $13,100 $13,504 $13,915 $14,332 $14,755 $15,184
$60,000 $11,909 $12,276 $12,650 $13,029 $13,414 $13,804