Income Scenario

Can I Afford a House on a $300,000 Salary?

With an income of $300k, your comfortable buying power typically falls into the $885k to $1.08M range. However, the exact home price you can afford heavily depends on your stored cash for a down payment and any existing debts you currently carry.

Quick answer: ~$885,000 to ~$1,080,000

On a $300,000 salary, the 28% rule gives you ~$7,000/month for housing costs. With 20% down at 7%, that supports a home price of exactly $1,080,000. With 10% down and PMI, that range drops closer to $927,000. Adjust the tool below for your exact numbers.

Income & Debts

Annual Income

Monthly Debt

Loan & Down Payment

Down Payment

Interest Rate

Loan Term (Years)

Ongoing Housing Costs

Property Tax Rate

Monthly Insurance

Monthly HOA

Lending Assumptions

Front-End DTI LimitYour housing costs (mortgage, tax, insurance) should stay under this % of your gross monthly income. Lenders typically cap this at 28%.

Back-End DTI LimitAll monthly debt payments (housing + car + student loans + credit cards) as a % of gross income. Most lenders allow up to 43%.

Want to know more?

What Salary Do I Need for a Mortgage?

See exactly what income you need to qualify in 2026, plus how debt changes your numbers.

Affordability Estimate

You can afford a home around

$1,080,000

Based on your current income, debt, and housing cost assumptions.

Comfortable target$1,080K

Stretch maximumup to $1,188K

Monthly Housing Budget

$6,930

Comfortable

This appears to be within a comfortable borrowing range.

Estimated Loan Amount

$864,000

Estimated Cash Needed (Down + Closing)

$248,000

Estimates based on your inputs. Actual results may vary. Terms →

Calculation Breakdown

Estimated Principal & Interest$5,750
Estimated Property Taxes$1,080
Estimated Homeowner's Insurance$100
Estimated HOA$0
Estimated PMI$0
Front-End Ratio Used27.71%
Back-End Ratio Used29.71%

Save this scenario

Keep track of multiple affordability setups.

Next steps

Calculate the exact cash needed to close on this home Validate your decision before committing to buy

How Much House Can You Afford on $300k Salary - by Down Payment

Down Payment	Home Price Range	Monthly Payment	% of Income
5% down	~$885,000	~$7,000/mo	28.0% of gross
10% down	~$927,000	~$7,000/mo	28.0% of gross
20% down	~$1,080,000	~$7,000/mo	28.0% of grossBest
20% + zero debt	~$1,140,000	~$7,375/mo	29.5% of gross

Based on $300,000 gross income, 7% rate, 30-year loan, ~1.2% property tax, $175/mo insurance. Assumes no other monthly debt for top row.

What does a $300k salary really buy?

Your Monthly Budget at $300k

Gross monthly income: $25,000. At 28% front-end DTI your max housing payment is $7,000/mo. At a safer 25%, that is $6,250/mo. This gives you firm, competitive spending power for a house around the $1M mark.

Debt Reductions

If you carry significant monthly debt obligations, your backend allowance under the 36% rule forces lenders to cut your mortgage capacity heavily. Eliminating debt is the fastest way to afford a stretch property.

The Down Payment Gap

Earning $300k takes care of the monthly obligations on a $1.08M house safely, but gathering the $216,000 for a 20% down payment is where many buyers hit a wall. Consider a 5-10% down loan while you build equity.

Look Beyond Qualification

Lenders evaluate your pre-tax income, but you pay a mortgage with post-tax dollars. Don't stretch up to the absolute 43% DTI ceiling if it prevents you from funding 401(k) accounts or saving for inevitable home repairs.

Continue researching

Guide

How Much House Can I Afford Based on Income? →

Understand exactly how your gross income safely translates into a maximum purchasing bracket.

Guide

What Is an Affordable Mortgage Payment? →

Deep dive into the 28/36 rule and DTI scaling calculations.

Compare other scenarios

House on a $250k Salary

Run the math on a lower earnings bracket.

Income for a $1M house

Find out the exact minimum income required.

Salary for a $1M House

Compare the $1M house price bracket.

Frequently asked questions about $300k salaries

How much house can I afford on a $300,000 salary?

Using the standard 28% rule, a $300,000 salary gives you a $7,000/month maximum housing budget. With a 20% down payment at a 7% interest rate, that supports a home price of roughly $1,080,000. If you have a smaller 10% down payment, your budget is closer to $927,000 due to PMI and higher loan limits.

Is a $300k salary enough to buy a $1,500,000 house?

A $1,500,000 house on a $300k salary is a stretch but potentially possible. With 20% down at 7%, the payment on a $1.5M home is ~$9,658/month, which is about 38.6% of your gross income. This is above the conservative 28% threshold, meaning lenders might approve you if you have zero other debts, but it will leave less room in your monthly budget for savings and other expenses.

What is my take-home pay and housing budget on $300k/year?

At $300,000/year, your gross monthly income is $25,000. Lenders base affordability on this gross number. Using 28% for front-end DTI, you should aim to keep housing costs under $7,000/mo. Your actual net take-home pay after taxes and basic benefits will be roughly $15,000-$17,000/month depending on your state.

How much do I need for a down payment on a $300k salary?

For a comfortable $1,080,000 home on your $300k income: 5% conventional is $54,000, 10% is $108,000, and a standard 20% down payment to avoid mortgage insurance requires you to bring $216,000 to the closing table.

Estimates based on your inputs. Actual results may vary. Terms →