Income to Afford a $245,000 House

How much do you need to make to be able to afford a house that costs $245,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $245,000 with a down payment of $49,000, you'd need to earn $42,562 per year before tax.
The monthly mortgage payment would be $993.

Salary needed for 245,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $245,000. 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 $245,000 house?
Down Payment 3.75% 4.00% 4.25% 4.50% 4.75% 5.00%
$0 $48,627 $50,129 $51,654 $53,202 $54,773 $56,366
$12,250 $46,196 $47,622 $49,071 $50,542 $52,034 $53,548
$24,500 $43,764 $45,116 $46,488 $47,882 $49,296 $50,730
$36,750 $41,333 $42,609 $43,906 $45,222 $46,557 $47,911
$49,000 $38,902 $40,103 $41,323 $42,562 $43,818 $45,093
$61,250 $36,470 $37,596 $38,740 $39,901 $41,080 $42,275
$73,500 $34,039 $35,090 $36,158 $37,241 $38,341 $39,456
$85,750 $31,608 $32,584 $33,575 $34,581 $35,602 $36,638
$98,000 $29,176 $30,077 $30,992 $31,921 $32,864 $33,820
$110,250 $26,745 $27,571 $28,410 $29,261 $30,125 $31,001
$122,500 $24,314 $25,064 $25,827 $26,601 $27,386 $28,183