Income to Afford a $280,000 House

How much do you need to make to be able to afford a house that costs $280,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $280,000 with a down payment of $56,000, you'd need to earn $48,642 per year before tax.
The monthly mortgage payment would be $1,135.

Salary needed for 280,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $280,000. 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 $280,000 house?
Down Payment 3.75% 4.00% 4.25% 4.50% 4.75% 5.00%
$0 $55,574 $57,290 $59,033 $60,802 $62,598 $64,419
$14,000 $52,795 $54,425 $56,081 $57,762 $59,468 $61,198
$28,000 $50,016 $51,561 $53,130 $54,722 $56,338 $57,977
$42,000 $47,238 $48,696 $50,178 $51,682 $53,208 $54,756
$56,000 $44,459 $45,832 $47,226 $48,642 $50,078 $51,535
$70,000 $41,680 $42,967 $44,275 $45,602 $46,948 $48,314
$84,000 $38,902 $40,103 $41,323 $42,562 $43,818 $45,093
$98,000 $36,123 $37,238 $38,371 $39,521 $40,688 $41,872
$112,000 $33,344 $34,374 $35,420 $36,481 $37,559 $38,651
$126,000 $30,566 $31,509 $32,468 $33,441 $34,429 $35,430
$140,000 $27,787 $28,645 $29,516 $30,401 $31,299 $32,209