## How much would a \$450 000 mortgage cost per month?

Monthly payments on a \$450,000 mortgage At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total \$2,148.37 a month, while a 15-year might cost \$3,328.60 a month.

### How much do you have to make a year to afford a \$400000 house?

To afford a \$400,000 house, borrowers need \$55,600 in cash to put 10 percent down. With a 30-year mortgage, your monthly income should be at least \$8200 and your monthly payments on existing debt should not exceed \$981. (This is an estimated example.)

#### How much do independent mortgage brokers make?

According to ABS stats, the average mortgage broker brings in \$2,009.10 a week. That’s a fair bit more than the national average full-time income of \$1,288.70 a week. Some mortgage brokers, such as senior practitioners and practice owners, make even more than this.

What is the average fee for a mortgage broker?

Mortgage Broker Costs The exact amounts of these fees and commissions vary, but generally, brokers can earn up to 2.75% of the total loan amount, depending on who’s paying. Borrower fees. These fees are paid by the borrower and typically range from 1% to 2% of the total loan amount.

How much income do I need for a 350k mortgage?

How Much Income Do I Need for a 350k Mortgage? You need to make \$107,668 a year to afford a 350k mortgage. We base the income you need on a 350k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about \$8,972.

## How much income do I need for a 250k mortgage?

You need to make \$76,906 a year to afford a 250k mortgage. We base the income you need on a 250k mortgage on a payment that is 24% of your monthly income. In your case, your monthly income should be about \$6,409. The monthly payment on a 250k mortgage is \$1,538.

### How much income do I need for a 200K mortgage?

A \$200k mortgage with a 4.5% interest rate over 30 years and a \$10k down-payment will require an annual income of \$54,729 to qualify for the loan. You can calculate for even more variations in these parameters with our Mortgage Required Income Calculator.

#### Do mortgage brokers get a base salary?

Mortgage Broker Salary Brokers commonly work on a commission basis – earning some amount of every deal they close. Brokers commonly make between 1 and 2 percent of the mortgage as their pay – meaning every deal made is worth thousands (if not tens of thousands).

Is it better to use a mortgage broker or bank?

Actually, for most home loans, a mortgage broker is free! In fact, in most cases, you’ll actually pay less to use a broker than going directly to a bank since they can often negotiate a better mortgage deal for you. If a broker doesn’t charge any fees then they will not have a credit guide.

Can mortgage brokers get better rates?

They will probably save you money. Mortgage brokers either have access to thousands of lenders and they can find you deals, or they are tied to specific lenders and they may be able to get you an exclusive deal. Ultimately, you are probably more likely to get better rates with a mortgage broker than without.