Yes why not. But first you have to confirm that you have many daily based expenses as well like;
- Auto /Transportation expense
- Charitable Donations expense
- Child Care expense
- Clothing expense
- Debt Payments expense
- Entertainment expense
- Groceries / Dining Out expense
- Fitness expense
- Gifts Given (Christmas & birthday gifts, etc.) expense
- Hobbies expense
- Household Maintenance expense
- Insurance other than medical/dental expense
- Investments expense
- Medical/Dental expense
- Miscellaneous expense
- Savings
- Subscription expense
- Utilities expense
- Vacation expense
And many other expenses
And if you have enough income after all these expenses than you should buy a house worth $1M or more
So if you wish to get a mortgage of $1M
1: Your PITI should less than 28% of your gross salary.
PITI is principal: Interest: Taxes: Insurance.
Calculation:
$1,000,000*28/100=$280,000
2: Your DTI should less than 36% of your gross salary.
DTI contains:
Mortgage, credit card payments, child support and other loan payments
Calculation:
$1,000,000*36/100=$360,000
3: Down payment of 20%.
$1,000,000*20/100=$200,000
Remember; down payment directly affect your total amount of mortgage.
More the down payment will minimize the interest rate on mortgage.
According to a survey a person can get a mortgage double or even more than double of his salary, so if you are willing to get a mortgage of 1M your salary or income must be;
$1,000,000/2= $500,000
$1,000,000/2.5= $400,000
Hope this will help you, but if you need more information visit;
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