Depends on a lot of things...
For a single person with no dependents and no down payment, you would likely need to earn around 85k/yr to pay off a 400k mortgage in 25 years.
Again, it really depends on your savings, your expenses, how long you want to pay off the debt, the interest rate during your mortgage, and how much you are willing to spend on mortgage payments. Most people don't want to be "house poor", which is a way of saying "I don't want to spend so much of my money on mortgage payments that I can't travel or entertain myself". The rule of thumb for most financial advisors is to spend no more than 32% of your gross income on mortgage payments.
· 6 years ago