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You need to make approximately $220,000 a year to qualify for a million-dollar home. This assumes that you have a strong financial portfolio, i.e. savings in the bank, few or no debts, etc. Expect a monthly mortgage payment of around $5,000.Click to see full answer. Also, how much do you need to make to buy a 1.5 million dollar house?This was the basic rule of thumb for many years. Simply take your gross income and multiply it by 2.5 or 3, to get the maximum value of the home you can afford. For somebody making $100,000 a year, the maximum purchase price on a new home should be somewhere between $250,000 and $300,000.Subsequently, question is, how much money should you make to afford a million dollar home? If you or your household make between $200,000-$300,000, you are in the sweet spot to take on a $1 million dollar mortgage. Be aware if have an adjusted gross income of over $166,800, your mortgage interest starts to get phased out. Subsequently, one may also ask, how much do you have to make to afford a 2 million dollar house? A good general rule of thumb is to spend no more than 3X your gross income on a house. Therefore, if you want to buy a $2 million house and have a $400,000 downpayment and a $100,000 cash buffer in case you lose your job, then you should make around $667,000 a year.What income do you need for a 800000 mortgage?To afford a house that costs $800,000 with a down payment of $160,000, you’d need to earn $138,977 per year before tax. The monthly mortgage payment would be $3,243. Salary needed for 800,000 dollar mortgage.

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