According to financial advisers,
<span>* mortgage payment should be at most </span><span>28% of your gross monthly income
</span><span>* total monthly debt should be at most </span><span>36% of your gross monthly income. Total monthly debts include </span><span>mortgage payments, car payments, credit card bills,
student loans, and medical debt.\</span>
<span>gross annual income: 39,600</span>
gross monthly income: 39,600 / 12 = 3,300
a) maximum amount for monthly mortgage payment: 3,300 x 28% = 924
b) maximum amount for total credit obligations: 3,300 x 36% = 1,188
c) mortgage: 924 x 70% = 646.80 actual mortgage
1,188 - 646.80 = 541.20 maximum amount they could spend each month for all other debts.
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