Hi,
How many % is an average mortage from monthly salary
Let's say from 10,000$/month how much can be the monthly mortage payment?
Thanks!
2006-10-01 23:52:10 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Up to 1/3. However, if you have a lot of debt, it could make a difference. You can afford a house comfortably that is your annual income x 2. If you make 40k, buy a home that is 80k, etc.
2006-10-01 23:54:43 · answer #1 · answered by jesse s 2 · 0⤊ 0⤋
Depending on where you live,your total debt service ratio can be as high as 50%,car payment,credit car, and other debt can not exceed 50% of what total gross income can be.To be smart it should not exceed 40% as you will find this acceptable and you will get the best rate possible threw a mortgage broker.
2006-10-02 00:13:24 · answer #2 · answered by michael m 2 · 0⤊ 0⤋
100% idiot, where else are you going to get the money to pay for your mortgage?
If you mean what percentage of your salary should be for your mortgage, some say 25%, but it's often more.
2006-10-01 23:55:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
15-25%
2006-10-01 23:54:13 · answer #4 · answered by WC 7 · 0⤊ 0⤋
general rule is 36%- you can go higher, even up to 50% if your credit is good or you will take higher rate. this include mortgage payment, tax, insurance i.t.c.
2006-10-02 04:37:51 · answer #5 · answered by bianca 4 · 0⤊ 0⤋
South Africa 30%
2006-10-01 23:56:39 · answer #6 · answered by lisa 2 · 0⤊ 0⤋