Find the exact base salary target you need to hit to comfortably afford a $350,000 property. Here is the pure math breakdown based on today's rates.
Target salary: ~$99,000/year base
To afford a $350,000 home with 20% down at 7%, your target base salary should be ~$99,000/year ($8,250/month gross). If you only have a 10% down payment, your target salary increases to ~$115,000/year to cover the higher loan balance plus PMI.
You can afford a home around
$350,000
Based on your current income, debt, and housing cost assumptions.
Monthly Housing Budget
$2,310
This appears to be within a comfortable borrowing range.
Estimated Loan Amount
$280,000
Estimated Cash Needed (Down + Closing)
$80,000
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% ($12.25k) | $337.75k | ~$2,936/mo | ~$125,800/yr |
| 5% ($17.5k) | $332.5k | ~$2,828/mo | ~$121,200/yr |
| 10% ($35k) | $315k | ~$2,676/mo | ~$114,700/yr |
| 20% ($70k) | $280k | ~$2,312/mo | ~$99,000/yrBest |
Estimates include P&I, ~1.2% property tax, $100/mo insurance. PMI added under 20% down.
To afford a ~$2,676/mo housing payment (10% down on $350k), that payment should be exactly 28% of your gross pay. Doing the math backward: $2,676 divided by 0.28 equals a required base salary of ~$9,557/mo (~$115k/yr).
A base salary of $115k yields a take-home pay of around $6,900/mo depending on local taxes and benefits. The 28% math is a pre-tax guideline, meaning it aggressively allocates nearly 39% of your actual post-tax liquid cash.
Hitting the salary target is half the battle. Your target liquid cash needed upfront for a $350k home at 20% down ($70,000) will also include roughly 3% in closing costs—so be prepared to fund nearly $80,500 total to avoid draining emergency reserves.
Don't Forget These Hidden Costs
Lenders qualify you on the mortgage payment alone. Real monthly cost includes HOA, maintenance (budget 1% of value/yr = $3,500/yr on $350k), utilities, and closing costs ($7k–$10k upfront). Factor these in before stretching to the top of your approval range.
Estimates based on your inputs. Actual results may vary. Terms →