What percentage of your income go towards your mortgage payments?
If you don't mind my asking, I'm trying to figure out what a reasonable percent of my income is to be going towards a mortgage sum. My partner and I make around $6500 gross monthly, and I'm wondering what percent of that we could reasonably spend on a mortgage short getting in over our heads. We hold no other debt, but have normal bills resembling utilities and car insurance. If you don't mind could you please give me an impression of what you earn and what you put towards your mortgage? Or what percent of your gross income goes towards your mortgage payments?
Thanks so much!
Answers:
The rule of thumb is 30% of your bring home, or 40% of your gross. Remember that the interest and proprty taxes (most of your payment in the first years) is rates deductible.
The 30% should include mortgage, taxes, fees, insurance, and maintenance of the property. Utilities do not count as part of the 30%.
we are at a little smaller amount than 1/3.
Related Questions:
Has anyone ever hear of Preferred Platinum Services Network for mail mortgage postcards as an associate?
They claim to pay .95 per postcard that you mail to them surrounded by their provided envelopes. You can choose to do 100, 200, 500, or 1000 per week, and get paid the week following their...
Thanks so much!
Answers:
The rule of thumb is 30% of your bring home, or 40% of your gross. Remember that the interest and proprty taxes (most of your payment in the first years) is rates deductible.
The 30% should include mortgage, taxes, fees, insurance, and maintenance of the property. Utilities do not count as part of the 30%.
we are at a little smaller amount than 1/3.
Related Questions:
Has anyone ever hear of Preferred Platinum Services Network for mail mortgage postcards as an associate?
They claim to pay .95 per postcard that you mail to them surrounded by their provided envelopes. You can choose to do 100, 200, 500, or 1000 per week, and get paid the week following their...