Roughly $650,000 to $800,000 at a rate near 6.5 percent depending on the down payment, and past $1 million only by borrowing to the top of the debt-to-income limit: $200,000 a year is $16,667 a month gross, so the 28 percent housing ceiling is about $4,667 and the 43 to 45 percent all-debt ceiling is $7,167 to $7,500.
At $200,000 the arithmetic still works the same way, but two things change that do not apply lower down. The gap between what is comfortable and what is approvable is now roughly $2,500 a month, which is a whole second mortgage. And the loan starts running at the conforming limit, past which the loan is priced as a jumbo with its own rules.
The worked numbers, at both down payments, with Las Vegas valley tax, insurance and HOA figures.
The ceilings, and the size of the gap
Gross monthly income at $200,000 a year is $16,667. Twenty-eight percent of it is $4,667, the comfortable total housing payment. Forty-three to forty-five percent is $7,167 to $7,500 across all debts, and that is what underwriting approves to.
The $2,500 between them is the largest gap on any of these pages, and it is the one people at this income most often spend. It is worth remembering that the 43 percent limit is a lending rule about default risk, not a budgeting rule about a life. It says nothing about taxes on a higher income, retirement contributions, or the cost of a household big enough to want a $1 million house.
What $4,667 a month buys
A 30-year loan at a rate near 6.5 percent costs about $6.32 a month per $1,000 borrowed. Two worked examples at that ceiling.
- With 20 percent down, a $775,000 home. The loan is $620,000, so principal and interest run about $3,918. Property tax at 0.6 percent of value is $388 a month. Insurance at roughly $2,600 a year is $217. A $150 HOA finishes it: $4,673.
- With 10 percent down, a $655,000 home. The loan is $589,500, principal and interest about $3,725, tax $328, insurance $190, mortgage insurance at 0.5 percent of the loan $246, the same $150 HOA: $4,639.
The conforming limit, and what changes past it
A loan at or below the conforming limit is bought by Fannie Mae or Freddie Mac and priced accordingly. The limit is set each year and is higher in some counties than others, so verify the current Clark County figure rather than working from a number read somewhere.
Above it the loan is a jumbo, held or securitized privately, and the terms tighten in predictable ways: commonly a larger minimum down payment, several months of reserves after closing, tighter credit score minimums, and a rate that may be above or below the conforming rate depending on the week. At this income the 20 percent down example above sits close enough to the limit that it is worth asking a lender where the line falls before setting a price range.
One consequence worth planning around: a price just over the limit can cost more per month than a price well over it, because clearing the limit with a slightly larger down payment is often cheaper than borrowing across it.
What the payment does not cover
At $775,000 the numbers outside the mortgage payment get large enough to matter on their own. Maintenance on a house that size runs commonly one to two percent of value a year, which is $650 to $1,300 a month averaged over time and is not smooth: it arrives as a roof, an air conditioning system or a pool resurfacing.
Closing costs scale too, at roughly two to three percent of price, so $15,000 to $23,000 on top of a $155,000 down payment. And the property tax follows the value, so the same 0.6 percent that was $133 a month at $265,000 is $388 here.
General information, not lending or tax advice. A lender will price a conforming and a jumbo scenario side by side on request, and at this income that comparison is usually worth more than shopping the rate.
Questions people ask
Can I afford a $1 million house on a 200k salary?
With 20 percent down and no other debt the payment lands near $6,000, which is inside the 43 percent debt-to-income limit and well above the 28 percent comfort line. It also means $200,000 in cash at closing and a jumbo loan in most counties.
How much should I put down at this income?
Twenty percent removes mortgage insurance and is worth about $120,000 of price at the same payment, and it may be what keeps the loan under the conforming limit. Below 20 percent the loan is still available, with mortgage insurance that is cancellable on a conventional loan at 80 percent loan-to-value.
Does a bonus or commission count toward what I can afford?
Commonly yes, if there is a two-year history of it and the employer confirms it is likely to continue, and it is usually averaged over 24 months. A first-year bonus with no history is normally excluded from qualifying income entirely.