2006-10-04 23:02:02 · 6 answers · asked by retiredguy5203 2 in Business & Finance ➔ Personal Finance
It would be your mortgage payment divided by your gross income.
2006-10-04 23:23:43 · answer #1 · answered by T O 3 · 0⤊ 0⤋
Take all your bills for the house divided by your income. Whether you do it annually or monthly is should work out the same, do what is easiest for you.
Speaking about the house alone, If you want to be financially independent never buy a home worth more than two years of your income. You can handle double payments, and all the maintenance and soon be mortgage free.
Many MANY people do not follow this info for they feel they need soooooooooooo much room. I don't want a big house due to I am the one who has to clean it ! I rather pack money away in an investment instead of pack household decor. up for each holiday!
Choices... life is all about choices,,,some choose to have money some choose to have things...
You sure got and ear full fro asking one simple question huh? ha ha!
2006-10-05 09:13:02 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
Total all your money spent on your house divided by your total income. Make it annually to have a clearer figure. Divide by 12 to arrive at a monthly rate.
2006-10-05 07:44:04 · answer #3 · answered by junior 6 · 0⤊ 0⤋
You can easily find it by diving the total payment by the monthly gross income. If you rtotal payment is $1,000 per month, and your monthly gross income (before taxes are deducted) is $2,000, then 1,000/2,000= 50%. Ideally, you want to stay at or below 40%.
2006-10-09 00:35:16 · answer #4 · answered by REDRHINO22 2 · 0⤊ 0⤋
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2006-10-05 07:37:16 · answer #5 · answered by stock.trade 1 · 0⤊ 0⤋
have u read maths in the school time????
2006-10-05 06:12:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋