Can I afford a $40,000 house?

Traditionally, the "28% rule" means a person should not spend more than 28% of their pre-tax income on total housing costs.

Let's assume that taxes and insurance are 2% of the house price annually. Here's how much you'd have to make to afford a house that costs $40,000 with a 4.00% loan:

% Down Down Payment Income Required 3.5% $1,400 $10,755 5.0% $2,000 $10,632 7.5% $3,000 $10,428 10% $4,000 $10,223 15% $6,000 $9,814 20% $8,000 $9,405 25% $10,000 $8,995 30% $12,000 $8,586 50% $20,000 $6,949

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