Find the exact base salary target you need to hit to comfortably afford a $300,000 property. Here is the pure math breakdown based on today's rates.
Target salary: ~$85,500/year base
To afford a $300,000 home with 20% down at 7%, your target base salary should be ~$85,500/year ($7,125/month gross). If you only have a 10% down payment, your target salary increases to ~$98,000/year to cover the higher loan balance plus PMI.
You can afford a home around
$300,000
Based on your current income, debt, and housing cost assumptions.
Monthly Housing Budget
$1,990
This appears to be within a comfortable borrowing range.
Estimated Loan Amount
$240,000
Estimated Cash Needed (Down + Closing)
$69,000
Estimates based on your inputs. Actual results may vary. Terms →
Keep track of multiple affordability setups.
| Down Payment | Loan Amount | Est. Monthly Payment | Salary Needed (28%) |
|---|---|---|---|
| 3.5% ($10.5k) | $289.5k | ~$2,490/mo | ~$106,700/yr |
| 5% ($15k) | $285k | ~$2,446/mo | ~$104,800/yr |
| 10% ($30k) | $270k | ~$2,296/mo | ~$98,400/yr |
| 20% ($60k) | $240k | ~$1,996/mo | ~$85,500/yrBest |
Estimates include P&I, ~1.2% property tax, $100/mo insurance. PMI added under 20% down.
To afford a ~$2,296/mo housing payment (10% down on $300k), that payment should be exactly 28% of your gross pay. Doing the math backward: $2,296 divided by 0.28 equals a required base salary of ~$8,200/mo ($98k/yr).
A base salary of $98k yields a take-home pay of around $6,000/mo depending on local taxes and benefits. The 28% math is a pre-tax guideline, meaning it aggressively allocates over 38% of your actual post-tax liquid cash.
Hitting the salary target is half the battle. Your target liquid cash needed upfront for a $300k home at 20% down ($60,000) will also include roughly 3% in closing costs—so be prepared to fund nearly $69,000 total.
Don't Forget These Hidden Costs
Lenders qualify you on mortgage payment alone. Real monthly cost includes HOA, maintenance (budget 1% of value/yr = $3,000/yr on $300k), utilities, and closing costs ($6k–$9k upfront). Factor these in before stretching to the top of your approval range.
Estimates based on your inputs. Actual results may vary. Terms →