Worked example · Free tool

Can I afford a $350,000 house on $70,000 a year?

Above the usual lender ceiling

With 20% down and a 30-year loan at 6.5%, a $350,000 house costs about $2,207 a month all-in. That is 38% of gross income, above the 36% ceiling most lenders use to qualify.

Cash needed at closing

Down payment (20%): $70,000
Closing costs (est. 3%): $10,500
Total: $80,500

Estimated monthly payment

Loan (P&I at 6.5%): $1,770
Taxes + insurance (est.): $438
Total (38% of income): $2,207

For this payment to sit under the 28% comfort line, a household needs roughly $94,598 a year. The two checks this page cannot run for you: whether you will have the $80,500 at closing without draining your emergency fund, and how many months of cushion the purchase leaves you. The calculator below runs all three with your own savings, spending, and timeline.

Run the full check with your numbers

Nearby scenarios

$250,000 on $70,000 $300,000 on $70,000 $350,000 on $60,000 $350,000 on $80,000 $350,000 on $100,000 $400,000 on $70,000

Educational estimates with stated assumptions (20% down, 6.5% APR, 30-year term, 3% closing costs, 1.1% property tax, 0.4% insurance). Not financial, lending, or tax advice. Rates and costs vary by lender, location, and property.