HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $1,175,000 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 high-value home) in an easily digestible format. It uses on-screen text and calculations to illustrate the points, making it highly informative and shareable for anyone interested in real estate and mortgages.

Summary

This video breaks down the income required to afford a $1,175,000 home, detailing down payment, closing costs, and monthly PITI payments. It then calculates the minimum monthly income needed to qualify for such a loan, offering two scenarios based on different debt-to-income ratios.

Structure

1Introduce the home price target.
2Calculate down payment and closing costs.
3Determine total cash needed to close.
4Calculate the monthly PITI payment.
5Calculate minimum monthly income for qualification.
6Show a second scenario with a higher income for lifestyle comfort.

Product placement

E Mortgage Capital Inc. (ACTS - appears as a watermark/logo on the notepad, does not change what happens in the video).

Original caption

How much do you need to make to afford a $1,175,000 home? - ##realestate##mortgage##mortgagetips##homebuyer##homeownership- E Mortgage Capital Inc. NMLS 1439141

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Call to action

Send me a DM if you like your scenario.

On-screen text

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $1,175,000 HOME? 🏡

Transcript

Here's how much you need to make to afford a $1.175 million dollar home purchase. Let's dive in. Okay, so we're at just over a million, our target. And I kind of want to put this at a high balance. It could vary based off of the county. Um, but you could edge just under the jumbo loan limit. I still like to bring in 20% down. You wouldn't have to, but I think that is going to help out your interest rate a ton. So $235,000 for our down payment. And then for closing costs, I have that estimated now at about $28,000. Remember, the seller can cover this depending on the market, which in this current market, it's great that they will. So assume the seller is not covering your closing costs, even though there's a likelihood they will. You would still bring in $263,000 cash to close. Now for the payment, PITI, no HOA, so add that in manually if you already have it in here. I get $7,670 monthly, all in. And in order to qualify for that, under high balance conventional guideline, I simply take this and multiply by two. I need to be making $15,340 per month minimum in order to qualify. But let's juice this up a bit and push it to 2.5 instead, because this is going to make our total monthly amount more comfortable. Our lifestyle is not harmed. This is going to be harmful. $19,175 per month. This is how much income we should be at to avoid being house poor. Send me a DM if you like your scenario.