Income to Afford a $40,000 House

How much do you need to make to be able to afford a house that costs $40,000?
Purchase Price
$
Down Payment
$
Interest Rate
%
Term of Loan
Pct. of Income
(for Housing)
%
To afford a house that costs $40,000 with a down payment of $8,000, you'd need to earn $6,949 per year before tax.
The monthly mortgage payment would be $162.

Salary needed for 40,000 dollar mortgage.

This page will calculate how much you need to earn to buy a house that costs $40,000. 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 $40,000 house?
Down Payment 3.75% 4.00% 4.25% 4.50% 4.75% 5.00%
$0 $7,939 $8,184 $8,433 $8,686 $8,943 $9,203
$2,000 $7,542 $7,775 $8,012 $8,252 $8,495 $8,743
$4,000 $7,145 $7,366 $7,590 $7,817 $8,048 $8,282
$6,000 $6,748 $6,957 $7,168 $7,383 $7,601 $7,822
$8,000 $6,351 $6,547 $6,747 $6,949 $7,154 $7,362
$10,000 $5,954 $6,138 $6,325 $6,515 $6,707 $6,902
$12,000 $5,557 $5,729 $5,903 $6,080 $6,260 $6,442
$14,000 $5,160 $5,320 $5,482 $5,646 $5,813 $5,982
$16,000 $4,763 $4,911 $5,060 $5,212 $5,366 $5,522
$18,000 $4,367 $4,501 $4,638 $4,777 $4,918 $5,061
$20,000 $3,970 $4,092 $4,217 $4,343 $4,471 $4,601