Find the exact base salary target you need to hit to comfortably afford a $750,000 property. Here is the pure math breakdown based on today's rates.
Target salary: ~$211,100/year base
To afford a $750,000 home with 20% down at 7%, your target base salary should be ~$211,100/year ($17,591/month gross). If you only have a 10% down payment, your target salary increases to roughly ~$244,600/year to cover the higher loan balance plus PMI.
You can afford a home around
$750,000
Based on your current income, debt, and housing cost assumptions.
Monthly Housing Budget
$4,840
This appears to be within a comfortable borrowing range.
Estimated Loan Amount
$600,000
Estimated Cash Needed (Down + Closing)
$172,000
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% ($26.25k) | $723.75k | ~$6,052/mo | ~$259,400/yr |
| 5% ($37.5k) | $712.5k | ~$5,972/mo | ~$255,900/yr |
| 10% ($75k) | $675k | ~$5,707/mo | ~$244,600/yr |
| 20% ($150k) | $600k | ~$4,927/mo | ~$211,100/yrBest |
Estimates include P&I, ~1.2% property tax, $185/mo insurance. PMI added under 20% down.
To afford a ~$5,707/mo housing payment (10% down on $750k), that payment should be exactly 28% of your gross pay. Doing the math backward: $5,707 divided by 0.28 equals a required base salary of ~$20,382/mo ($244k/yr).
A base salary of $244k yields a take-home pay of around $13,200/mo depending on local taxes and benefits. The 28% math is a pre-tax guideline, meaning it aggressively allocates over 43% of your actual post-tax liquid cash.
Hitting the salary target is half the battle. Your target liquid cash needed upfront for a $750k home at 20% down ($150,000) will also include roughly 3% in closing costs—so be prepared to fund nearly $172,500 total.
Don't Forget Maintenance
Lenders calculate your income against PITI (Principal, Interest, Taxes, Insurance). They do not factor in maintenance. On a $750,000 home, standard 1% annual maintenance equals an extra $7,500/year out-of-pocket that you must cash flow.
Estimates based on your inputs. Actual results may vary. Terms →