Using proportions if your monthly mortgage payment is 1,125.98, at least how much must your monthly realized income be to stay within acceptable housing expense limits

Question

Mathematics

Hudson Barrett

18 November, 23:06

Using proportions if your monthly mortgage payment is 1,125.98, at least how much must your monthly realized income be to stay within acceptable housing expense limits

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Jonathan Rubio · Answer 1

Given:

monthly mortgage payment = 1,125.98

According to articles I read, a conservative mode income used for housing should be 25% of after-tax income or take home pay.

Dave Ramsey said "Your mortgage payment should not be more than 25 percent of your take-home pay and you should get a 15-year or less, fixed-rate mortgage ... "

Using that as basis, computation will result to:

1,125.98/25% = 4,503.92 Monthly realized income