How much house can I afford on $215,000 a year?
A home up to about
$764,159
On $215,000 a year, you could afford a home up to about $764,159 with a 20% down payment of $152,832. The mortgage payment would be about $4,166 a month, or $5,017 with property tax and home insurance.
- Down payment
- $152,832
- Mortgage
- $611,327
- Payment a month
- $4,166
What it costs each month
| Mortgage payment | $4,166 |
| Property tax | $700 |
| Home insurance | $150 |
| Total | $5,017 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $31,250 (5%) | $624,994 | $593,744 | $4,046 |
| $65,543 (10%) | $655,430 | $589,887 | $4,020 |
| $152,832 (20%) | $764,159 | $611,327 | $4,166 |
How it’s worked out
Lenders usually keep housing costs (mortgage, property tax, insurance and PMI) under 28% of your gross income, and all your debt payments under 36%. On $215,000, that's $5,017 a month for housing.
Assumes no other debts, 1.1% property tax, $1,800 a year home insurance and 0.5% PMI below 20% down, using the 28/36 guideline. Freddie Mac’s average 30-year fixed rate was 7.24% on 29 October 2026.
- Uses the 28/36 guideline: housing costs (mortgage, property tax, insurance, PMI and HOA fees) up to 28% of gross income, and all debt payments up to 36%. Lenders can approve higher ratios, so this is a comfortable limit rather than the most you could be lent.
- Assumes all your savings go towards the down payment. Closing costs, usually a few percent of the price, are extra.
- PMI is charged while your down payment is under 20%.
Frequently asked questions
How much house can I afford on $215,000 a year?
On $215,000 a year, you could afford a home up to about $764,159 with a 20% down payment of $152,832. The mortgage payment would be about $4,166 a month, or $5,017 with property tax and home insurance.
How much down payment do I need on $215,000?
With $31,250 saved, you could buy a home up to about $624,994. With $65,543 saved, you could buy a home up to about $655,430. With $152,832 saved, you could buy a home up to about $764,159.