With an income of $350k, your comfortable buying power typically falls into the $1.03M to $1.26M 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: ~$1,035,000 to ~$1,265,000
On a $350,000 salary, the 28% rule gives you ~$8,167/month for housing costs. With 20% down at 7%, that supports a home price of exactly $1,265,000. With 10% down and PMI, that range drops closer to $1,085,000. Adjust the tool below for your exact numbers.
You can afford a home around
$1,265,000
Based on your current income, debt, and housing cost assumptions.
Monthly Housing Budget
$8,100
This appears to be within a comfortable borrowing range.
Estimated Loan Amount
$1,012,000
Estimated Cash Needed (Down + Closing)
$291,000
Estimates based on your inputs. Actual results may vary. Terms →
Keep track of multiple affordability setups.
| Down Payment | Home Price Range | Monthly Payment | % of Income |
|---|---|---|---|
| 5% down | ~$1,035,000 | ~$8,167/mo | 28.0% of gross |
| 10% down | ~$1,085,000 | ~$8,167/mo | 28.0% of gross |
| 20% down | ~$1,265,000 | ~$8,167/mo | 28.0% of grossBest |
| 20% + zero debt | ~$1,335,000 | ~$8,604/mo | 29.5% of gross |
Gross monthly income: $29,167. At 28% front-end DTI your max housing payment is $8,167/mo. At a safer 25%, that is $7,291/mo. This gives you firm, competitive spending power for a house in the $1.1M-$1.2M range.
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.
Earning $350k takes care of the monthly obligations on a $1.26M house safely, but gathering the $253,000 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.
Estimates based on your inputs. Actual results may vary. Terms →