HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $2,700,000 HOME? 🏡 💰

@realmortgagementor

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Selling · Agency / Service

E Mortgage Capital Inc.

Why it worked

The video addresses a high-interest, aspirational topic (affording a luxury home) with practical financial calculations, making complex information accessible and engaging.

Summary

The video calculates the income needed to afford a $2.7 million home, detailing down payment and closing costs. It then estimates the monthly payment including principal, interest, taxes, and insurance, and suggests a required annual income to qualify.

Structure

1Introduce the $2.7M home affordability question
2Calculate minimum down payment (20%)
3Estimate closing costs
4Calculate total cash needed for down payment and closing
5Estimate monthly PITI payment
6Determine required annual income to qualify

Product placement

E Mortgage Capital Inc. (appears as a watermark/logo on screen, does not act, removing it would not change what happens in the video)

Call to action

Chat with me using the link below!👇

Original caption

How much do you need to make to afford a $2,700,000 home? - ##realestate##mortgage##mortgagetips##homebuyer##homeownership- E Mortgage Capital Inc. NMLS 1439141

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On-screen text

HOW MUCH DO YOU NEED TO MAKE TO AFFORD A $2,700,000 HOME? 🏡 💰

Transcript

Hey Morgan, how much do you need to make to afford a $2.7 million dollar home? High purchase target. Let's check it out. All right, we're at $2.7 million to plug that in to start. High purchase target. So we're in jumbo territory, which we know that means 20% down minimum. You cannot do 3 or 3.5% at this level. So I'm going to bring a bare minimum of $540,000 my down payment. Now for closing costs estimated will vary based on your county, including taxes and insurance. So I have them in at $70,000. Remember, closing costs can be covered by the seller, necessarily 100% of your closing costs. But you did, and you're bringing in $610,000 cash to close. That would be close to close. Now for payments, I have the interest, the principal, and I taxes and insurance. You don't have to have taxes and insurance impounded these if this is just barely qualifying. Instead, do this. Multiply monthly payment by factor of 2.5. What this does pushes under a 40% debt to income ratio. We really should be making at least $44,107 month. This is going to keep us being house poor. If scenario