Can I afford a $1 million house on a $200,000 salary?
Tight but possible. A $1M home with 20% down at 6.5% has a P&I of $5,057/month — about 30% of gross income. With property tax (1-2% in most states) and insurance, you'll be at 38-42% of gross. Most lenders will approve, but you'll feel the pinch.
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Tight but possible. A $1M home with 20% down at 6.5% has a P&I of $5,057/month — about 30% of gross income. With property tax (1-2% in most states) and insurance, you'll be at 38-42% of gross. Most lenders will approve, but you'll feel the pinch. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.