How much house can I afford on $70,000 a year?
A home up to about
$232,912
On $70,000 a year, you could afford a home up to about $232,912 with a 20% down payment of $46,583. The mortgage payment would be about $1,270 a month, or $1,633 with property tax and home insurance.
- Down payment
- $46,583
- Mortgage
- $186,329
- Payment a month
- $1,270
What it costs each month
| Mortgage payment | $1,270 |
| Property tax | $214 |
| Home insurance | $150 |
| Total | $1,633 |
|---|
How your down payment changes it
| Saved for a down payment | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $9,525 (5%) | $190,495 | $180,970 | $1,233 |
| $19,978 (10%) | $199,772 | $179,794 | $1,225 |
| $46,583 (20%) | $232,912 | $186,329 | $1,270 |
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 $70,000, that's $1,633 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 $70,000 a year?
On $70,000 a year, you could afford a home up to about $232,912 with a 20% down payment of $46,583. The mortgage payment would be about $1,270 a month, or $1,633 with property tax and home insurance.
How much down payment do I need on $70,000?
With $9,525 saved, you could buy a home up to about $190,495. With $19,978 saved, you could buy a home up to about $199,772. With $46,583 saved, you could buy a home up to about $232,912.