CanYouAffordIt?Calculate

House reality check

Can I Afford a $600,000 House?

$600,000 puts you in 'strong suburb' territory in most markets. Requires real income, real reserves, and a stomach for property taxes and insurance that scale with the price.

Estimates only. Not mortgage approval, not lender precision, not legal or tax advice.

Default verdict (you can edit any of this)

Manageable

Workable on $170k–$210k household income with disciplined other debt.

30 years at 7% with 10% down ($60k) puts P&I near $3,600/mo. Add property tax (~$550), insurance (~$220), and PMI (~$230) and you're at $4,600/mo all-in. On $16,000 gross that's 29% — borderline. 20% down removes PMI and drops the all-in to ~$4,370.

All-in monthly
$4,593
Income needed (28% rule)
$196,827
Housing % of gross
28.7%
Total DTI
33.1%

Run the numbers on a $600,000 house

Edit anything. Every field updates the results live.

Sticker price of the home.

Cash you bring to closing.

Annual interest rate.

Years (most loans are 30).

Annual property tax. We split into months.

Homeowner's insurance monthly.

0 if no HOA.

Private mortgage insurance. 0 with 20%+ down.

Pre-tax income across all earners.

Car loans, student loans, credit-card minimums.

Estimates only. Not mortgage approval, not financial advice. Numbers vary by lender, credit, state, ZIP, and the day.

Costs people forget

The line items that don’t show up on the loan estimate but absolutely show up in the bank account.

  • Insurance scales fast above $500k

    $220/mo national; $350-$550/mo in higher-risk markets. The bigger the home, the worse the marginal rate.

  • Property tax in high-tax states

    $6,600/yr (~1.1%) on average; NJ / IL / TX commonly hit $13,000–$16,000/yr — another $500+/mo.

  • Maintenance scales with square footage

    $6,000/yr (1% of value) ballpark. Bigger roof, more HVAC tonnage, longer driveway.

  • Closing costs: $12–$30k

    Title, escrow, prepaid taxes/insurance, lender fees. Mostly out-of-pocket.

  • Furniture + first-year setup

    $15k–$30k. Bigger house = bigger rooms = bigger furniture.

  • Lifestyle creep follows the move

    Better neighborhood = better cars in the driveway = better restaurants nearby. The house pulls the budget.

Reality check before you bid

  • Aim for ≤ 28% housing; ≤ 36% total DTI. At $16,000 gross with $700 debt + $4,600 housing, total DTI is 33% — solid 'Manageable'.

  • Drop income to $13,000 gross and the same scenario tips into 'Stretching'.

  • Buy in a 1% property-tax town if possible — the difference vs a 2.2% town is a car payment a month.

  • Don't drain reserves to skip PMI. 3-6 months of housing in cash matters more than $230/mo for a few years.

What salary carries a $600,000 house?

A few salary reality checks that line up reasonably with this price point.

Cars that fit a $600,000 household

Curated picks. Open a car page to run the affordability calculator with your real income and APR.

Build this house into something bigger

FAQ: Affording a $600,000 house

Short, honest answers — not pre-approval.

  • What income do I need for a $600,000 house?
    Roughly $170,000–$210,000/yr keeps housing near 28% of gross in average-tax markets. Higher in high-tax states or with significant other debt.
  • What is the monthly payment on a $600,000 house?
    At 7% / 30 years with 10% down: ~$4,500–$4,700 all-in. 20% down removes PMI, dropping it ~$230/mo.
  • How much down payment do I need for a $600,000 home?
    10% = $60,000; 20% (no PMI) = $120,000. Plus 2-5% in closing costs. Lower down payments work but require PMI and stress the monthly cash flow.
  • Does the payment include property taxes, insurance, HOA, and PMI?
    Yes — all five line items roll into the monthly payment. Edit each for your specific numbers.
  • Is this lender approval?
    No. Ballpark math only. Lender decisions depend on credit, employment history, reserves, and many lender-specific factors.

This is not financial advice

CanYouAffordIt is for entertainment and ballpark planning only. Real insurance quotes, sales tax rules, dealer fees, loan approvals, and maintenance costs vary by location, vehicle, and credit profile. Before signing a contract, talk to a human you trust — and read the fine print.

See also other house reality checks: $200,000 house, $250,000 house, $300,000 house, $350,000 house, $400,000 house, $450,000 house, $500,000 house, $750,000 house, $1,000,000 house, $1,500,000 house. Canonical: https://trycanyouaffordit.com/can-i-afford-a-600000-house.