Buying a million-dollar home on a $250,000 salary might sound like a reasonable goal. After all, with a six-figure income, many assume they can comfortably manage the mortgage. But the reality looks different once you add in taxes, insurance and other costs.
As mortgage interest rates edge lower, buyers may feel encouraged to shop for bigger or more expensive homes. Before you stretch your budget, it’s worth running the numbers to see what a $1 million home really costs each month and over the long term.
