CAN YOU BUY A $1,400,000 HOME MAKING $400,000 PER YEAR? 🏡💰

@realmortgagementor

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Selling · Agency / Service

E Mortgage Capital Inc.

Why it worked

The video addresses a common aspiration (buying an expensive home) with a clear, relatable income bracket and provides a concise, step-by-step financial breakdown, making complex mortgage calculations easy to understand.

Summary

The video calculates whether a person earning $400,000 annually can afford a $1,400,000 home. It breaks down the down payment, closing costs, and monthly mortgage payments, concluding that the scenario is feasible within standard debt-to-income ratios.

Structure

1Introduce the question: Can you afford a $1.4M home on $400k/year?
2Calculate 20% down payment and estimated closing costs.
3Determine the monthly PITI (Principal, Interest, Taxes, Insurance) payment.
4Compare monthly payment to income using debt-to-income ratio guidelines.
5Conclude that the purchase is feasible.

Product placement

E Mortgage Capital Inc. (ACTS - mortgage lender, provides financing for homes. Removing it would change the context of the video, as the speaker is discussing mortgage calculations. It is the subject of the video.)

Call to action

Send me a DM if you like me to run your scenario

Original caption

Can you buy a $1,400,000 home making $400,000 per year? - #realestate #mortgage #mortgagetips #homebuyer #homeownership - E Mortgage Capital Inc. NMLS 1439141

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On-screen text

CAN YOU BUY A $1,400,000 HOME MAKING $400,000 PER YEAR? 🏡💰

Transcript

Can you buy a $1,400,000 home making $400,000 per year? $400,000. Good amount. Let's double check to make sure we're not house poor. Alright, so let's check out our $400,000 salary and see if this work. Here's our monthly take benchmark. And see if this work. Here's our monthly take benchmark. 30 Year Fixed Jumbo. So that means we need to bring in 20% down. We just need to 10% down is an option. But rate is high up there. I cannot it. 20% down is $280,000. And closing this, I estimated at just $30,000. C.C. However, this varies. So double check your state, county guidelines exactly how much your closing costs will end up if your seller can cover it. If they can't, then you are bringing in $310,000 as far as cash to close. We have principal, interest, taxes and insurance altogether. Mortgage because of the 20% down and my total comes out to $9,022 per month. Minimum jumbo guidelines means we have to multiply this by two to see if we are going to fit. And as you see, we are A-okay at the minimum $18,044 per month. Now, making $25,262 per month. This is also good with our salary, we are A-ok to move forward on this purchase. Send me a DM if you like me to run your scenario.