##### Asked by: Aleidis Gordeichik

asked in category: General Last Updated: 24th January, 2020# How much house can I buy for 1200 a month?

If you purchased a 30-year fixed rate

**mortgage**, at an annual interest rate at 3.85%, and a**mortgage**loan amount of $255,968, your**monthly**principle and interest payment would be $1,200 each**month**. With some simple math, you**can**calculate**monthly**payments including interest.In this way, how much house can I buy for 1500 a month?

Formula for Income to Afford a Home Mortgage Payment

Mortgage Principal | Monthly Payment | Interest Portion |
---|---|---|

$150,000 | $900 | $745 |

$200,000 | $1,200 | $994 |

$250,000 | $1,500 | $1242 |

$300,000 | $1,799 | $1,491 |

Subsequently, question is, how much house can I afford with $1400 a month?

Monthly Pre-Tax Income | Remaining Income After Average Monthly Debt Payment | Maximum Monthly Mortgage Payment (including Property Taxes and Insurance) with the 36% Rule |
---|---|---|

$2,000 | $1,400 | $120 |

$3,000 | $2,400 | $480 |

$4,000 | $3,400 | $840 |

$5,000 | $4,400 | $1,200 |

Additionally, how much house can I buy for 1000 a month?

These days — with conventional **mortgage** rates running about 4% — a $1,000 **monthly** Principle & Interest (P&I) payment gets you a 30-year loan of about $210,000. Assuming a 10% downpayment, that's a $235,000 home.

How much house can I get for $5000 a month?

If you earn **$5,000 a month**, that means your **monthly house** payment **should** be no more than $1,250.