Question

Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with

Answer 1

The maximum mortgage payment allowed for someone with an annual salary of $83,750 would be $2512.50 per month.

What is the standard 28/36 guidelines?

To determine, using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $83,750, the following calculation must be made:

• Annual salary x 36% / months = X
• ((83750 x 36) / 100) / 12 = X
• (3,015,000 / 100) / 12 = X
• 30150 / 12 = X
• 2512.50 = X
  

Therefore, the maximum mortgage payment allowed for someone with an annual salary of $83,750 would be $2512.50 per month.

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