How to Calculate Mortgage Payment on a Tight Budget
One of the worst things a home loan borrower can do is to bite off more monthly mortgage payment than they can truly afford. So how do you calculate mortgage payment without breaking the monthly bank? Figure your debt ratio based on the old school 30 percent figure. Add up your proposed new monthly property taxes, insurance, credit card bills, installment loans, student loans, and car payments. Next, take your gross monthly income and multiply by .30. Subtract the total monthly payments from this result and that is the maximum monthly mortgae payment for you. That is how to calculate mortgage payment numbers on a tight budget.
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