How much house can I afford making $300,000 a year?
Change the down payment
| Down | Home price | Monthly |
|---|---|---|
| 3% | $815,000 | $6,993 |
| 5% | $830,000 | $6,998 |
| 10% | $868,000 | $6,995 |
| 20% | $1,007,000 | $6,996 |
If your rate changes
| Rate | Home price | Monthly |
|---|---|---|
| 6.50% | $1,092,000 | $6,999 |
| 7.00% | $1,048,000 | $6,996 |
| 7.50% | $1,007,000 | $6,996 |
| 8.00% | $969,000 | $6,999 |
| 8.50% | $932,000 | $6,994 |
Other monthly debt
| Existing debt / mo | Home price | DTI |
|---|---|---|
| $0 | $1,007,000 | 28.0% |
| $300 | $1,007,000 | 29.2% |
| $600 | $1,007,000 | 30.4% |
| $1,000 | $1,007,000 | 32.0% |
How far $300,000 goes by state
| State | Home price | Monthly |
|---|---|---|
| California | $1,095,000 | $6,997 |
| Colorado | $1,091,000 | $6,999 |
| Arizona | $1,089,000 | $6,997 |
| Washington | $1,068,000 | $6,994 |
| North Carolina | $1,049,000 | $6,999 |
| Georgia | $1,030,000 | $6,999 |
| Pennsylvania | $969,000 | $6,998 |
| New York | $963,000 | $6,993 |
| Ohio | $954,000 | $6,998 |
| Florida | $929,000 | $6,995 |
| Illinois | $900,000 | $6,997 |
| Texas | $880,000 | $6,993 |
Run it with your own numbers
Monthly breakdown
Total interest $1,222,234 · total PMI $0 · paid off in 30 years
Compare loan terms
| Term | Monthly (P&I) | Total monthly | Total interest |
|---|---|---|---|
| 10 years | $9,563 | $10,669 | $341,914 |
| 15 years | $7,468 | $8,574 | $538,642 |
| 20 years | $6,490 | $7,596 | $751,966 |
| 30 years | $5,633 | $6,739 | $1,222,234 |
Amortization schedule
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $60,168 | $7,426 | $798,174 |
| 2 | $59,592 | $8,003 | $790,171 |
| 3 | $58,970 | $8,624 | $781,547 |
| 4 | $58,301 | $9,294 | $772,253 |
| 5 | $57,579 | $10,015 | $762,238 |
| 6 | $56,802 | $10,793 | $751,445 |
| 7 | $55,964 | $11,630 | $739,815 |
| 8 | $55,061 | $12,533 | $727,282 |
| 9 | $54,088 | $13,506 | $713,775 |
| 10 | $53,040 | $14,555 | $699,220 |
| 11 | $51,910 | $15,685 | $683,536 |
| 12 | $50,692 | $16,902 | $666,633 |
| 13 | $49,380 | $18,215 | $648,418 |
| 14 | $47,966 | $19,629 | $628,790 |
| 15 | $46,442 | $21,153 | $607,637 |
| 16 | $44,800 | $22,795 | $584,843 |
| 17 | $43,030 | $24,564 | $560,278 |
| 18 | $41,123 | $26,471 | $533,807 |
| 19 | $39,068 | $28,526 | $505,281 |
| 20 | $36,854 | $30,741 | $474,540 |
| 21 | $34,467 | $33,127 | $441,413 |
| 22 | $31,895 | $35,699 | $405,713 |
| 23 | $29,124 | $38,471 | $367,243 |
| 24 | $26,137 | $41,457 | $325,786 |
| 25 | $22,919 | $44,676 | $281,110 |
| 26 | $19,451 | $48,144 | $232,966 |
| 27 | $15,713 | $51,881 | $181,085 |
| 28 | $11,685 | $55,909 | $125,176 |
| 29 | $7,345 | $60,249 | $64,927 |
| 30 | $2,668 | $64,927 | $0 |
Showing 360 payments. Schedule assumes a fixed rate and constant home value for PMI cancellation.
FAQ
How much house can I afford on $300,000 a year?
With a 20% down payment and a 7.50% 30-year rate, the 28/36 rule points to a home around $1,007,000 — roughly $6,996 per month all-in (principal, interest, taxes and insurance). The binding constraint here is the front-end (28% housing) ratio.
What is the 28/36 rule?
Lenders typically want housing costs at or below 28% of gross monthly income, and total debt (housing plus car, student and credit card payments) at or below 36%. This page applies both and reports whichever limit binds first.
How much down payment do I need?
A 20% down payment avoids PMI entirely. On this income that is about $201,400. Putting 5% down lowers the cash you need but adds PMI and shrinks the price you qualify for.