HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $675,000 HOME?

@realmortgagementor

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Selling · Agency / Service

E Mortgage Capital Inc.

Why it worked

The video provides a clear, step-by-step breakdown of a complex financial calculation (affording a home) that is highly relevant to a large audience. The use of on-screen text and clear calculations makes the information easily digestible and shareable.

Summary

This video explains the income required to afford a $675,000 home by breaking down down payment, closing costs, and monthly payments including PITI and PMI. It then calculates the necessary monthly income based on different credit score categories.

Structure

1Introduction to the $675k home purchase affordability question
2Calculating down payment and closing costs
3Estimating monthly payment (PITI + PMI)
4Determining income needed for qualification based on credit score tiers

Product placement

E Mortgage Capital Inc. (ACTS - provides mortgage services, appears on screen as a logo and is mentioned as the creator's company, removing it would change the branding of the video) NMLS 1439141 (APPEARS - regulatory number, removing it would not change the video content) Real Mortgage Mentor (ACTS - appears as a logo on the notepad, likely the creator's brand, removing it would change the branding) Linktr.ee (APPEARS - link aggregator, removing it would not change the video content)

Call to action

Send me a DM if you'd like me to run your scenario.

Original caption

How much do you need to make to afford a $675,000 home? - #realestate #mortgage #mortgagetips #homebuyer #homeownership - E Mortgage Capital Inc. NMLS 1439141

More from @realmortgagementor

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On-screen text

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $675,000 HOME? in at $675,000 sometimes difficult to qualify a home possible income Here's one is into play This will allow you still 3% down 3% down payment without to make cap 3% All contribution $20,250 for I have currently about $18,000 varies and county the covering I need $38,250 cash to close for the payment PITI principal interest taxes insurance also as mortgage because less than 20% Now I have 780 as a reason to that as low and I 0.17% up with by the way So my payment all comes out to $4,977/m per three we can where income to make this happen But better we should be multiplying an additional 0.5 So now this 2.75 and at $13,686 per This is much better and should be for payment a DM your if like me to run your scenario

Transcript

Here's how much you need to make to afford a $675,000 home purchase. Let's dive in. So at $675,000, sometimes it's difficult to qualify for a home possible income. Here's one is going to come into play. This will allow you to still do a 3% down payment without to make underneath a certain income cap. Let's run it. 3% down, all we need minimum contribution is $20,250 for closing costs. I have this estimated currently about $18,000 varies based off your state and county. So if the seller is not covering this amount, I need to bring in $38,250 cash to close. Now for the payment, I have PITI + MI. MI is mortgage insurance because I'm bringing less than 20% down. Now I have 780 as a reason to ensure that this is as low and I currently have it at 0.17% . This can go all the way up to 1% with bad credit scores, by the way. So my payment all comes out to $4,977 per month. There's three different ways we can look where income to qualify for this payment. The good, multiplying this by two. This is barely qualifying but still based off of the guidelines. So a home program, I need at the minimum in the good category, multiplying this number by 2.25. So I'm going to need $11,198 per month income to make this happen. But better. So if we're in the better category, we should be multiplying an additional 0.5. So now I'm going to take this and do 2.75. And at $13,686 per month. This is much better and should be for payment. Send me a DM if you'd like me to run your scenario.