Can I Afford a 242k House?

Use the calculator to see if you can afford a 242,000 home
$
$
%
%
years
*Financial advisors recommend purchasing a house where your monthly payment is approximately 28% of your total income.
Can I afford to buy a 242k House? How much do I need to make to buy a $242000 home or apartment? Use this calculator to estimate how much of a mortgage you can get. This is a very rough estimate and many more factors go into mortgage underwriting. The easiest way to determine how much home you can afford is to speak with a mortgage banker and get a preapproval for a mortgage.

This calculator starts with a fixed 30 year mortgage with current interest rates. Different loan lengths, such as a 15 year fixed, or a different APR will affect mortgage affordability.
Percentage of Income Spent for a $242,000 Home. 7.02% APR for 30 Years with a $48,400 Down Payment
Annual Income Monthly Payment % of Income Spent on Mortgage
20k Income 1,290.63 77.4%
21k Income 1,290.63 73.8%
22k Income 1,290.63 70.4%
23k Income 1,290.63 67.3%
24k Income 1,290.63 64.5%
25k Income 1,290.63 62.0%
26k Income 1,290.63 59.6%
27k Income 1,290.63 57.4%
28k Income 1,290.63 55.3%
29k Income 1,290.63 53.4%
30k Income 1,290.63 51.6%
31k Income 1,290.63 50.0%
32k Income 1,290.63 48.4%
33k Income 1,290.63 46.9%
34k Income 1,290.63 45.6%
35k Income 1,290.63 44.3%
36k Income 1,290.63 43.0%
37k Income 1,290.63 41.9%
38k Income 1,290.63 40.8%
39k Income 1,290.63 39.7%
40k Income 1,290.63 38.7%
41k Income 1,290.63 37.8%
42k Income 1,290.63 36.9%
43k Income 1,290.63 36.0%
44k Income 1,290.63 35.2%
45k Income 1,290.63 34.4%
46k Income 1,290.63 33.7%
47k Income 1,290.63 33.0%
48k Income 1,290.63 32.3%
49k Income 1,290.63 31.6%
50k Income 1,290.63 31.0%
51k Income 1,290.63 30.4%
52k Income 1,290.63 29.8%
53k Income 1,290.63 29.2%
54k Income 1,290.63 28.7%
55k Income 1,290.63 28.2%
56k Income 1,290.63 27.7%
57k Income 1,290.63 27.2%
58k Income 1,290.63 26.7%
59k Income 1,290.63 26.3%
60k Income 1,290.63 25.8%
61k Income 1,290.63 25.4%
62k Income 1,290.63 25.0%
63k Income 1,290.63 24.6%
64k Income 1,290.63 24.2%
65k Income 1,290.63 23.8%
66k Income 1,290.63 23.5%
67k Income 1,290.63 23.1%
68k Income 1,290.63 22.8%
69k Income 1,290.63 22.4%
70k Income 1,290.63 22.1%
71k Income 1,290.63 21.8%
72k Income 1,290.63 21.5%
73k Income 1,290.63 21.2%
74k Income 1,290.63 20.9%
75k Income 1,290.63 20.7%
76k Income 1,290.63 20.4%
77k Income 1,290.63 20.1%
78k Income 1,290.63 19.9%
79k Income 1,290.63 19.6%
80k Income 1,290.63 19.4%
81k Income 1,290.63 19.1%
82k Income 1,290.63 18.9%
83k Income 1,290.63 18.7%
84k Income 1,290.63 18.4%
85k Income 1,290.63 18.2%
86k Income 1,290.63 18.0%
87k Income 1,290.63 17.8%
88k Income 1,290.63 17.6%
89k Income 1,290.63 17.4%
90k Income 1,290.63 17.2%
91k Income 1,290.63 17.0%
92k Income 1,290.63 16.8%
93k Income 1,290.63 16.7%
94k Income 1,290.63 16.5%
95k Income 1,290.63 16.3%
96k Income 1,290.63 16.1%
97k Income 1,290.63 16.0%
98k Income 1,290.63 15.8%
99k Income 1,290.63 15.6%
100k Income 1,290.63 15.5%
101k Income 1,290.63 15.3%
102k Income 1,290.63 15.2%
103k Income 1,290.63 15.0%
104k Income 1,290.63 14.9%
105k Income 1,290.63 14.8%
106k Income 1,290.63 14.6%
107k Income 1,290.63 14.5%
108k Income 1,290.63 14.3%
109k Income 1,290.63 14.2%
110k Income 1,290.63 14.1%
Annual Income Monthly Payment % of Income Spent on Mortgage
111k Income 1,290.63 14.0%
112k Income 1,290.63 13.8%
113k Income 1,290.63 13.7%
114k Income 1,290.63 13.6%
115k Income 1,290.63 13.5%
116k Income 1,290.63 13.4%
117k Income 1,290.63 13.2%
118k Income 1,290.63 13.1%
119k Income 1,290.63 13.0%
120k Income 1,290.63 12.9%
121k Income 1,290.63 12.8%
122k Income 1,290.63 12.7%
123k Income 1,290.63 12.6%
124k Income 1,290.63 12.5%
125k Income 1,290.63 12.4%
126k Income 1,290.63 12.3%
127k Income 1,290.63 12.2%
128k Income 1,290.63 12.1%
129k Income 1,290.63 12.0%
130k Income 1,290.63 11.9%
131k Income 1,290.63 11.8%
132k Income 1,290.63 11.7%
133k Income 1,290.63 11.6%
134k Income 1,290.63 11.6%
135k Income 1,290.63 11.5%
136k Income 1,290.63 11.4%
137k Income 1,290.63 11.3%
138k Income 1,290.63 11.2%
139k Income 1,290.63 11.1%
140k Income 1,290.63 11.1%
141k Income 1,290.63 11.0%
142k Income 1,290.63 10.9%
143k Income 1,290.63 10.8%
144k Income 1,290.63 10.8%
145k Income 1,290.63 10.7%
146k Income 1,290.63 10.6%
147k Income 1,290.63 10.5%
148k Income 1,290.63 10.5%
149k Income 1,290.63 10.4%
150k Income 1,290.63 10.3%
151k Income 1,290.63 10.3%
152k Income 1,290.63 10.2%
153k Income 1,290.63 10.1%
154k Income 1,290.63 10.1%
155k Income 1,290.63 10.0%
156k Income 1,290.63 9.9%
157k Income 1,290.63 9.9%
158k Income 1,290.63 9.8%
159k Income 1,290.63 9.7%
160k Income 1,290.63 9.7%
161k Income 1,290.63 9.6%
162k Income 1,290.63 9.6%
163k Income 1,290.63 9.5%
164k Income 1,290.63 9.4%
165k Income 1,290.63 9.4%
166k Income 1,290.63 9.3%
167k Income 1,290.63 9.3%
168k Income 1,290.63 9.2%
169k Income 1,290.63 9.2%
170k Income 1,290.63 9.1%
171k Income 1,290.63 9.1%
172k Income 1,290.63 9.0%
173k Income 1,290.63 9.0%
174k Income 1,290.63 8.9%
175k Income 1,290.63 8.9%
176k Income 1,290.63 8.8%
177k Income 1,290.63 8.8%
178k Income 1,290.63 8.7%
179k Income 1,290.63 8.7%
180k Income 1,290.63 8.6%
181k Income 1,290.63 8.6%
182k Income 1,290.63 8.5%
183k Income 1,290.63 8.5%
184k Income 1,290.63 8.4%
185k Income 1,290.63 8.4%
186k Income 1,290.63 8.3%
187k Income 1,290.63 8.3%
188k Income 1,290.63 8.2%
189k Income 1,290.63 8.2%
190k Income 1,290.63 8.2%
191k Income 1,290.63 8.1%
192k Income 1,290.63 8.1%
193k Income 1,290.63 8.0%
194k Income 1,290.63 8.0%
195k Income 1,290.63 7.9%
196k Income 1,290.63 7.9%
197k Income 1,290.63 7.9%
198k Income 1,290.63 7.8%
199k Income 1,290.63 7.8%
200k Income 1,290.63 7.7%
201k Income 1,290.63 7.7%