Income Needed To Buy A 2 Million Dollar House

If you rolled your 500k home equity into new house you are still talking 9k a month payment which would be more than 40 after tax and bs.

Income needed to buy a 2 million dollar house. Here s the short answer. Income needed to afford a million dollar home now that you know how much the payment will be on 1 million home you ll need to have qualifying income to successfully make a purchase. As a general rule you ll need an annual household income of at least 225 384 to afford the monthly mortgage payments on a million dollar home. That s the minimum you ll need in order to qualify for a large enough mortgage.

However specific salary requirements depend on factors like your interest rate and the size of your down payment. If we use the average property tax rate of 35 on a home valued at 1 million the yearly property tax bill is 3 500 or 291 a month. Well that or you ll need 1 million in cash to avoid taking out a mortgage altogether. Most banks will want your payment to be less than 40 of your monthly income.

So you would have to put up a chunk of your cash and you know have made a huge bet on this one property.