To comfortably afford a $300,000 mortgage, most lenders want your monthly house payment to be no more than ~28–30% of your gross income.
📊 At a 7% interest rate (30 years):
- Monthly principal + interest ≈ $1,996
- Add taxes + insurance ≈ $2,200–$2,400 total
- That means you’ll likely need a household income around $75K–$85K/year to qualify.
🏠 Salary Needed for a $300K Mortgage
- Loan Amount: $300,000
- Interest Rate: 7%
- Monthly Payment (P+I): $1,996
- Estimated Total Payment: $2,200–$2,400
- Recommended Income: $75,000–$85,000/yr
📲 Trealtorr.com can run your exact numbers and find homes that fit your budget — text us at +1 (347) 831-6085 and let’s get you pre-approved!
🔥 Trealtorr Tip: You don’t need a massive income if we use down payment assistance, FHA, or shop for the lowest rate. We help first-time buyers stretch their buying power.