How much do I need to make a year to afford a 6 million dollar house?

http://www.dinkytown.net/java/CAMortgageLoan.html

If you borrowed $6 million for 30 years, at 5.5%, you are looking at $33,834 a month. Not what you will afford at a Pharmacist wage. But what you can shoot for over the long haul. You simply need to take smaller bites. Trade up every five years. If you do get nice commissions in real estate, save them into the home loan principal, and then when you can move up a notch, go for it.

Therefore: Because you need to have only 26% of your monthly income in mortgage debt, your monthly income needs to be $130,131, and your annual income would be $1,561,569 if you try to get a home with out the step ups.

6 Million Dollar House

2

In general, your mortgage should be about 2.5 times your annual salary. So assuming a $5 million mortgage, that would mean you'd need an annual income of about $2 million to afford the house you're dreaming about.

If you want to go into real estate, then for heaven's sake why are you planning to get a pharmacy degree? You would get a pharmacy degree if you were planning to become a *pharmacist*. If you're going to be a real estate agent, try going for a business or marketing degree.

year afford 6 million dollar house

A 4 year degree to become a pharmacist will get you about 90K/ year at the high end with about 10 years experience.

A realtor may make the same - if he works long hours and weekends.

With about 90K/ year you will not be able to own a 6 million dollar home.

/

You should really try and be more realistic in your planning.

A house worth $6M will cost perhaps a hundred thousand just in Property Taxes, insurance, heating/cooling and general maintenance. Add this amount to your mortgage and you need to earn at least $1M a year to make it.

I suggest you take stock of yourself and discover what you'd really like to do, then take the small steps necessary to achieve your goals, one at a time.

I plan to get a degree in Pharmacy, and become a real estate agent.

Why not get a useful (to estate agents) degree in finance or business then?

You seem to have little clue of what you are actually wanting to do, nor have realistic goals for yourself.

almost certainly. google "how much house can i afford" to find some mortgage calculators

Fill Surveys Get Paid : http://onlinesurveys.uzaev.com/?Tgeu