Pardon my ignorance, but can anyone tell me the math formula to determine how much of our income is being used to pay our mortgage every month? How much of our income should we be spending on the mortgage?
Thanks!
A math question
May 15th, 2009 at 01:39 pm
May 15th, 2009 at 02:31 pm
Example: $1000/$5000 = .2 or 20%
I think the rule of thumb that banks follow is that your mortgage payment should be no more than 28% of your gross income (income before taxes and other paycheck deductions).
Hope that helps!
May 15th, 2009 at 05:05 pm
May 15th, 2009 at 05:18 pm
May 15th, 2009 at 05:39 pm
It is culturally symbolic for me, my mom is the lady by the fruit stand. Have a great weekend!