{"id":1022,"date":"2022-04-17T16:31:28","date_gmt":"2022-04-17T16:31:28","guid":{"rendered":"https:\/\/bundleloan.com\/blog\/?p=1022"},"modified":"2023-08-30T18:24:36","modified_gmt":"2023-08-30T18:24:36","slug":"400k-mortgage","status":"publish","type":"post","link":"https:\/\/bundleloan.com\/blog\/400k-mortgage\/","title":{"rendered":"Income Needed for a 400k Mortgage"},"content":{"rendered":"<p>The monthly payment on a 400k mortgage is $2,960.<\/p>\n<p>You can buy a $444k house with a $44k down payment and a $400k mortgage.<\/p>\n<h3>Monthly Mortgage Payment<\/h3>\n<p>Your mortgage payment for a $444k house will be $2,960. This is based on a 5% interest rate and a 10% down payment ($44k). This includes estimated property taxes, hazard insurance, and mortgage insurance premiums.<\/p>\n<p>If you want to change some assumptions, try out our <a href=\"https:\/\/bundleloan.com\/mortgages\/mortgage-calculators\">simple mortgage calculator<\/a>.<\/p>\n<div class=\"button-compare-rates-container\">\n<a href=\"https:\/\/bundleloan.com\/blog\/compare-current-mortgage-rates\/\" class=\"button-compare-rates\" >Current Mortgage Rates<\/a>\n<\/div>\n<h3>Income Needed for a 400k Mortgage<\/h3>\n<p>You need to make $148,112 a year to afford a 400k mortgage. We base the income you need on a 400k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about $12,334.<\/p>\n<figure id=\"attachment_1004\" aria-describedby=\"caption-attachment-1004\" style=\"width: 2656px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/bundleloan.com\/blog\/wp-content\/uploads\/2020\/11\/400kmortgage.png\" alt=\"400k mortgage\" width=\"2656\" height=\"1488\" class=\"size-full wp-image-1004\" \/><figcaption id=\"caption-attachment-1004\" class=\"wp-caption-text\">The monthly payment on a 400k mortgage is $2,960.<\/figcaption><\/figure>\n<p>You may want to be a little more conservative or a little more aggressive. You&#8217;ll be able to change this in our <a href=\"https:\/\/bundleloan.com\/mortgages\/mortgage-calculators\">how much house can I afford<\/a> calculator.<\/p>\n<h3>Take the Quiz<\/h3>\n<p>Use this fun <a href=\"https:\/\/bundleloan.com\/mortgages\/how-much-house-can-i-afford\/quiz\">quiz<\/a> to find out how much house I can afford. It only takes a few minutes and you&#8217;ll be able to review a personalized evaluation at the end.<\/p>\n<p>We&#8217;ll make sure you aren&#8217;t overextending your budget. You&#8217;ll also have a comfortable amount in your bank account after you buy your home.<\/p>\n<div class=\"button-compare-rates-container\">\n<a href=\"https:\/\/bundleloan.com\/blog\/compare-current-mortgage-rates\/\" class=\"button-compare-rates\" >Current Mortgage Rates<\/a>\n<\/div>\n<h3>Don&#8217;t Overextend Your Budget<\/h3>\n<p>Banks and real estate agents make more money when you buy a more expensive home. Most of the time, banks will pre-approve you for the most that you can possibly afford.  Right out of the gate, before you start touring homes, your budget will be stretched to the max.<\/p>\n<p>It&#8217;s important to make sure that you are comfortable with your monthly payment and the amount of money you&#8217;ll have left in your bank account after you buy your home.<\/p>\n<h3>Compare Mortgage Rates<\/h3>\n<p>Make sure you compare mortgage rates before you apply for a mortgage loan. Comparing 3 lenders can save you thousands of dollars in the first few years of your mortgage. You can <a href=\"https:\/\/bundleloan.com\/blog\/compare-current-mortgage-rates\/\">compare mortgage rates<\/a> on <a href=\"https:\/\/bundleloan.com\/blog\/compare-current-mortgage-rates\/\">Bundle<\/a><\/p>\n<p>You can see <a href=\"https:\/\/bundleloan.com\/blog\/compare-current-mortgage-rates\/\">current mortgage rates<\/a> or see how <a href=\"https:\/\/bundleloan.com\/blog\/compare-current-mortgage-rates\/\">mortgage rates today<\/a> have trended over last few years on Bundle. We monitor daily mortgage rates, trends, and discount points for 15 year and 30 year mortgage products.<\/p>\n<h3>What Determines How Much House You Can Afford?<\/h3>\n<ul>\n<li>Your credit score is an important part of the mortgage process. If you have a high credit score, you&#8217;ll have a better chance of getting a approved. Lenders will be more comfortable giving you a mortgage payment that is a larger portion of your monthly income.<\/li>\n<li>Homeowners association fees (HOA fees) can impact your home buying power. If you choose a home that has high association fees, this means you&#8217;ll need to choose a lower priced home to in order to decrease the principal and interest payment enough to give room for the HOA dues.<\/li>\n<li>Your other debt payments can impact your home budget. If you have low (or zero) other loan payments you can afford to go a little higher on your mortgage payment. If you have large monthly obligations for other loans such as car payments, student loans, or credit cards, you&#8217;ll need to back off your monthly mortgage payment a little to make sure you have the budget to pay all your bills.<\/li>\n<\/ul>\n<h3>How much will you need for a down payment?<\/h3>\n<p>A long time ago, you needed to make a 20% down payment to afford a home. Now, there are many mortgage products that allow you to make a much smaller down payment. Here are the down payment requirements for popular mortgage products.<\/p>\n<ol>\n<li>Conventional loans require a 5% down payment. Some first time homebuyer programs allow 3% down payments. Two examples are Home Ready and Home Possible.<\/li>\n<li>FHA loans require a 3.5% down payment. In order to qualify for an FHA loan, the property you are buying must be your primary residence.<\/li>\n<li>VA loans require a 0% down payment. Active and retired military personnel may be eligible for a VA loan.<\/li>\n<li>USDA loans require a 0% down payment. These are mortgages that are available in rural areas of the country.<\/li>\n<\/ol>\n<h3>What are the steps to buying a home?<\/h3>\n<ol>\n<li>Play around with a few <a href=\"https:\/\/bundleloan.com\/mortgages\/mortgage-calculators\">mortgage calculators<\/a>. Start getting comfortable with all the costs associated with buying a home. Many people are shocked when they find out how much extra property taxes and homeowners insurance adds to their payment every month.<\/li>\n<li>Check your credit score. Many banks will now show you your credit score for free. You can also use an app like <a href=\"https:\/\/www.creditkarma.com\/\">credit karma<\/a>.<\/li>\n<li>Get pre-approved. Sometimes the seller will require an upfront security deposit or a due diligence fee just to get a signed purchase agreement. If you get declined for a mortgage, you might lose this money.<\/li>\n<li>Start searching for a home online. Use redfin or zillow to narrow down your choices and make sure you like the homes in your price range.<\/li>\n<li>Decide if you want to use a real estate agent. Remember, that your agent gets paid by splitting the commission with the seller&#8217;s agent. Sometimes you can get a better deal by negotiating or choosing to buy your home without an agent.<\/li>\n<\/ol>\n<h3>These are the most important pieces to getting approved<\/h3>\n<ol>\n<li>Your credit score. Ideally, you want this to be above 700, but there are mortgages that only requires a 580 credit score.<\/li>\n<li>Your monthly income. This is the main limiting factor on how much you can afford. Take your annual income before taxes and multiply it by 3 or 4. This is a good starting point.<\/li>\n<li>Your cash to close. Make sure you have enough cash to close and a little buffer. The required cash to close is typically 5-10% of the home price and includes your down payment, escrow, and fees that you&#8217;ll pay for a closing attorney, title search, and appraisal.<\/li>\n<\/ol>\n<p><a href=\"https:\/\/bundleloan.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Bundle<\/a> is a licensed mortgage broker. <a href=\"https:\/\/nationwidelicensingsystem.org\/Pages\/default.aspx\" rel=\"noopener noreferrer\" target=\"_blank\">NMLS<\/a># 1927373. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The monthly payment on a 400k mortgage is $2,960. You can buy a $444k house with a $44k down payment and a $400k mortgage. Monthly Mortgage Payment Your mortgage payment for a $444k house will be $2,960. This is based on a 5% interest rate and a 10% down payment ($44k). This includes estimated property [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,23],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Income Needed for a 400k Mortgage - Bundle<\/title>\n<meta name=\"description\" content=\"The monthly payment on a 400k mortgage is $2,960. How Much House Can I Afford? Change the inputs with our simple calculator.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bundleloan.com\/blog\/400k-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Needed for a 400k Mortgage - Bundle\" \/>\n<meta property=\"og:description\" content=\"The monthly payment on a 400k mortgage is $2,960. How Much House Can I Afford? 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