If you earn \$5,000 a month, that means your monthly house payment should be no more than \$1,250. The calculator below will show you a ballpark figure for how much house you can afford based on your down payment amount and maximum house payment.

Lenders generally allow a front-end DTI of between 28 percent and 31 percent of your gross income to cover housing payments – principal, interest, taxes and insurance. Based on these benchmark DTIs and estimated property taxes and insurance of \$2,400 a year, or \$200 per month, you can afford a monthly payment between \$967 and \$1,092.

While maintenance is a very real expense, it’s not included in your monthly payment, so you’ll need to prepared to pay for maintenance separately. long-term maintenance often runs around 1% of the home value per year, so on a \$175,000 home, figure \$1750 per year (going up each year with inflation).

PMI is based on the down payment, credit score and type and size of a mortgage. Rule of thumb: Plan on paying from about 0.41% to 2.25% of the loan amount annually for PMI.

First Time Home Buyer Minimum Down Payment Think down payment assistance is only for poor, first-time home buyers? It’s not. Banks, nonprofits and government agencies all pass out money to middle-income home buyers. "Most people self-select.

Zillow’s Home Affordability Calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.

One week’s paycheck is about 23 percent of your monthly (after-tax) income. If I had to set a rule, it would be this: Aim to keep your mortgage payment at or below 28 percent of your pretax monthly income. Aim to keep your total debt payments at or below 40 percent of your pretax monthly income.

Salary is the type of payment received on specific intervals and by a specific amount for providing Income Tax calculation on Salary. Salary consists of several components which together makes the Employer is responsible for computation of TDS based on the proofs and declaration, deducting the.

Use our free mortgage calculator to quickly estimate what your new home will cost. Includes taxes, insurance, PMI and the latest mortgage rates.

· Reno households need \$80,000-plus salary to afford median house Buying a median house in Reno? You’ll need to make more than \$80,000 in income.

This table used \$600 as a benchmark for monthly debt payments, based on average \$400 car payment and \$200 in student loan or credit payments. The mortgage section assumes a 20% down payment on the home value. The payment reflects a 30-year fixed-rate mortgage for a home located in Kansas City, Missouri.