Find the exact base salary target you need to hit to comfortably afford a $600,000 property. Here is the pure math breakdown based on today's rates.
Target salary: ~$167,900/year base
To afford a $600,000 home with 20% down at 7%, your target base salary should be ~$167,900/year ($13,992/month gross). If you only have a 10% down payment, your target salary increases to roughly ~$194,700/year to cover the higher loan balance plus PMI.
You can afford a home around
$600,000
Based on your current income, debt, and housing cost assumptions.
Monthly Housing Budget
$3,890
This appears to be within a comfortable borrowing range.
Estimated Loan Amount
$480,000
Estimated Cash Needed (Down + Closing)
$138,000
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% ($21k) | $579k | ~$4,821/mo | ~$206,600/yr |
| 5% ($30k) | $570k | ~$4,752/mo | ~$203,700/yr |
| 10% ($60k) | $540k | ~$4,542/mo | ~$194,700/yr |
| 20% ($120k) | $480k | ~$3,918/mo | ~$167,900/yrBest |
Estimates include P&I, ~1.2% property tax, $125/mo insurance. PMI added under 20% down.
To afford a ~$4,542/mo housing payment (10% down on $600k), that payment should be exactly 28% of your gross pay. Doing the math backward: $4,542 divided by 0.28 equals a required base salary of ~$16,221/mo ($194.7k/yr).
A base salary of $194k yields a take-home pay of around $10,500-$11,000/mo depending on local taxes and benefits. The 28% math is a pre-tax guideline, meaning it aggressively allocates functionally closer to 40-45% of your actual post-tax liquid cash.
Hitting the salary target is half the battle. Your target liquid cash needed upfront for a $600k home at 20% down ($120,000) will also include roughly 3% in closing costs—so be prepared to fund nearly $138,000 total out of pocket.
Don't Forget Maintenance
Lenders calculate your income against PITI (Principal, Interest, Taxes, Insurance). They do not factor in maintenance. On a $600,000 home, standard 1% annual maintenance equals an extra $6,000/year out-of-pocket that you must cash flow.
Estimates based on your inputs. Actual results may vary. Terms →