Question

If our monthly income is $3050 in your house payment is $2400 what fraction of your monthly income must go to pay your house payment?

Answer 1

Answer:

The 28% rule states that you should spend 28% or less of your monthly gross income on your mortgage payment (e.g. principal, interest, taxes and insurance). To determine how much you can afford using this rule, multiply your monthly gross income by 28%