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As an example, let’s assume a prospective homebuyer has a gross annual household income of $100,000, monthly debt payments of $500, and a $10,000 down payment.
Based on the 28 percent and 36 percent models, you can calculate how much of your monthly income should go to mortgage payments. Here’s a budgeting example, assuming the borrower has a monthly ...
For example, if you earn a gross income of $6,000 per month, your mortgage payment should be no more than $1,680 (28 percent of $6,000), and your total debt payments (including the mortgage ...
Based on the 28% rule, your household should aim for an before-tax monthly income of $7,714 — or an annual gross income of about $92,568 ($7714 x 12) — to comfortably afford a $300,000 mortgage.
A potential borrower can use an online mortgage calculator to see how much property he or she can afford. A lender will compare the person's total monthly income and total monthly debt load. A mortgage calculator can help to add up all income sources and compare this to all monthly debt payments.
Earlier this year, Freddie Mac conducted research that found that migrating to more affordable metros saves an average of $600 per month on mortgage payments, based on a 6% mortgage rate.
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