Mortgage payment as a percentage of gross income?

Mortgage payment as a percentage of gross income?
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1 Answer

Answer :

The 28% is simply a guideline that should include PITI (principal, interest, taxes & insurance), but in some cases- you can exceed that 28% with excellent credit. It can also be affected when you take into consideration the LTV (Loan To Value ratio). It’s a great time to buy if it’s feasible for you. Good luck!
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Related questions

What happens if you make your final mortgage payment but the primary borrower on the mortgage is deceased?

Description : What happens if you make your final mortgage payment but the primary borrower on the mortgage is deceased?

Last Answer : It is not a matter of who is on the note, it is who is on the deed. This would probably change according to state laws. The house might have needed to go into probate upon the holder of the deed’s death. In some states it just automatically goes to the spouse (in the absence of a will.)

Do you know how much your house mortgage will cost you over time? Do you care?

Description : Do you know how much your house mortgage will cost you over time? Do you care?

Last Answer : That’s one way to look at it. Or you can look at it like my nephew. “Why should I rent and make someone else rich.” Plus it’s still deductible if you can itemize.

Should I be concerned and am I "upside down" in my mortgage?

Description : Should I be concerned and am I "upside down" in my mortgage?

Last Answer : $79k for a house?!? Wow. Well, you purchased this in 1999. How much do you currently owe on it? (Is this in the U.S.? Are you missing a “2” before that “7”?)

When an ARM (adjustable rate mortgage) adjusts, does only the interest rate change, or is the balance re-amortized for the remaining period?

Description : When an ARM (adjustable rate mortgage) adjusts, does only the interest rate change, or is the balance re-amortized for the remaining period?

Last Answer : ARMs reamortize out to the original length of the contract on the adjustment date. If you make extra principal payments the monthly payments will be reduced to maintain the same maturity date. I knocked over $100 off my monthly payment in the first five years of my mortgage by making extra payments.

Can I get mortgage?

Description : Can I get mortgage?

Last Answer : Where do you live?

Is there a minimum amount of time between mortgage refinancing?

Description : Is there a minimum amount of time between mortgage refinancing?

Last Answer : you should be able to refinance at anytime. Banks don't mind because they collect the fees. Unless your financing has it in your agreement, you should be fine. Ask them about no points/no closing ... don't offer that, you can always shop other companies will wave those fees to get your business.

Do some poor people, who were, perhaps, raised in poverty, not understand what it takes to live fairly comfortably?

Description : Do some poor people, who were, perhaps, raised in poverty, not understand what it takes to live fairly comfortably?

Last Answer : It sounds like she wanted to guilt you into renting to her at a price that she could afford, not taking into consideration it was a house she could not afford. You have to make your mortgage payment and most ... and make up the difference that a renter can't pay. I would not have felt bad at all.

At what age do you see yourself totally out of debt?

Description : At what age do you see yourself totally out of debt?

Last Answer : Want to join us for a mortgage burning party?

Why is the US government going to bail out Freddie Mac and Fannie Mae?

Description : Why is the US government going to bail out Freddie Mac and Fannie Mae?

Last Answer : answer:Because it is Barney Frank's pet project, and he controls the committee that oversees Fanny and Freddie. Also he gets lots of campaign contributions from the Board of Directors. Personally I think ... will hurt some people short term, but in the long run it will make the economy stronger.

Could I short sale my house and have wife purchase new home under her name?

Description : Could I short sale my house and have wife purchase new home under her name?

Last Answer : answer:If your wife is not on your current loan and can afford to, independent of your finances,qualify for and purchase another home that you quit claim any interest to then it's possible she could buy a ... be easy and will be a pay now/pay later scenario. Better to stick with the devil you know.

My property is upside down, and co-signer owes child support. Will they place a lien against him?

Description : My property is upside down, and co-signer owes child support. Will they place a lien against him?

Last Answer : How is your property upside down? What do you mean?

What does APR mean on credit card statements?

Description : What does APR mean on credit card statements?

Last Answer : APR is the cost of credit that consumers pay, expressed as a simple annual percentage.

How do I get refinanced with broken credit?

Description : How do I get refinanced with broken credit?

Last Answer : You may want to try Prosper peer-to-peer lending. Loans may be available to people who are not eligible for bank loans.

What percentage of your net income do you pay for mortgage/rent?

Description : What percentage of your net income do you pay for mortgage/rent?

Last Answer : About half.

Should I make this last mortgage payment?

Description : Should I make this last mortgage payment?

Last Answer : Pay it !

I am not on the mortgage to the house. Will the mortgage company still give me the legal documements I need after making the final payment?

Description : I am not on the mortgage to the house. Will the mortgage company still give me the legal documements I need after making the final payment?

Last Answer : If the company thinks your husband is alive, wont they send a document to your house when it's paid off? I don't see how the mortgage company isn't aware he's dead? I guess maybe they aren't ... with the help of a lawyer. It's a simple procedure to get it fixed, assuming you have no children.

How much is your monthly mortgage payment on your house in your town?

Description : How much is your monthly mortgage payment on your house in your town?

Last Answer : Half that, east tn in the burbs

Does this mortgage payment sound realistic?

Description : Does this mortgage payment sound realistic?

Last Answer : What’s the amortization? If you’re working with a mortgage broker then you should be able to trust what he says your payments will be as long as your ok with the amortization.

Is PETA acting ethically when they're offering to pay Octomom to advertise on her front lawn in exchange for mortgage payment?

Description : Is PETA acting ethically when they're offering to pay Octomom to advertise on her front lawn in exchange for mortgage payment?

Last Answer : Phhhtt. PETA exploits all the time. I despise, despise, despise that woman that exploits her kids. I sooooo want to punch her in the face. And then give her a tubal ligation while she’s unconscious.

How much money will I save by making a weekly mortgage payment with an extra $30 per payment?

Description : How much money will I save by making a weekly mortgage payment with an extra $30 per payment?

Last Answer : This calculator lets you plug in the details of your loan and the impact of extra payments. Welcome to the collective, by the way.

How can a person lower their FIXED APR monthly mortgage payment?

Description : How can a person lower their FIXED APR monthly mortgage payment?

Last Answer : answer:Carving out the taxes and insurance does lower your monthly payment, but it doesn't really lower how much money comes out of your checking account overall. So it is really an illusion. Other than what ... the mortgage. I will be curious to see if someone can come up w/ something for you .

How to compute mortgage payment based on purchase price of house alone?

Description : How to compute mortgage payment based on purchase price of house alone?

Last Answer : Need Answer

How to get a low mortgage payment?

Description : How to get a low mortgage payment?

Last Answer : The following ways are useful to lowering your mortgage payment. 1) Extend your repayment system. 2) Refinance your mortgage. 3) Make a larger down payment. 4) Rent out part of your home. 5) Get rid of your PMI.

How to Use a Mortgage Calculator to Estimate Your Monthly Payment?

Description : How to Use a Mortgage Calculator to Estimate Your Monthly Payment?

Last Answer : If you are house shopping, you may be wondering how much you will be paying in monthly mortgage payments. You can find estimated monthly through online mortgage calculators. There are many sites with ... your loan rate yet, you can estimate it by searching for current mortgage rates.Now you are

Can I pay an extra monthly car payment to speed up the pay-off, like on my mortgage?

Description : Can I pay an extra monthly car payment to speed up the pay-off, like on my mortgage?

Last Answer : Yes, if you are paying of a car loan, there is no penalty for paying over your monthly payment. However if your monthly car payment is on a lease agreement you will have to refer to the terms of your lease as to what is allowed.

How do I go about getting a title loan so I can make a mortgage payment?

Description : How do I go about getting a title loan so I can make a mortgage payment?

Last Answer : You will find auto title loan companies in your community. Take the title to your car with you and talk to them about a loan. Your car title will be your security for repaying the debt. Just be ware if you do not, they can repossess your vehicle.

Where can I find a free online mortgage payment calculator?

Description : Where can I find a free online mortgage payment calculator?

Last Answer : There is online calculator you can work on to make sure the mortgage payment you are afford to pay, or you can go to the bank, they probably figure it out for you as well, here is the site: www.mortgagecalculator.org/

Why use a mortgage payment calculator?

Description : Why use a mortgage payment calculator?

Last Answer : Mortgage payment calculators can be a good foundation if you just need to know some of the basics. There are a wide array of costs that can be associated with your mortgage that won't show while you ... won't show up on a vast majority of calculators, as well as the ever important escrow fees.

Where can I find a monthly payment calculator for a mortgage?

Description : Where can I find a monthly payment calculator for a mortgage?

Last Answer : Mortgage payment calculators are available on the web. Calculating the period of the mortgage in years against interest it will describe the term and total of repayments. It will also calculate overpayments

What will the monthly mortgage payment be on a $115,00 home mortgage in Volusia County, Florida at 3.5% interest for 30 years?

Description : What will the monthly mortgage payment be on a $115,00 home mortgage in Volusia County, Florida at 3.5% interest for 30 years?

Last Answer : You can figure out the mortgage payment by using a mortgage calculator tool to breakdown the monthly payments over time. I would input the details to get the final figures.

How to Use a Mortgage Payment Calculator?

Description : How to Use a Mortgage Payment Calculator?

Last Answer : When you're in the market for a new home, figuring out how much you can afford is essential. Instead of taking the time to go to the bank and find out how much a mortgage payment would be, you can ... made the proper calculations, you can get a realistic idea of what it will cost to buy a new home.

Is there a way to lower mortgage payment?

Description : Is there a way to lower mortgage payment?

Last Answer : One of the best ways to reduce mortgage payments is to do a mortgage refinance as long as the new mortgage interest rate is at least two to three percent lower than the current rate and there ... penalty is a fee charged by the lender if a mortgage loan is refinanced before the prepayment expires

Will a mortgage calculator help you determine your mortgage payment?

Description : Will a mortgage calculator help you determine your mortgage payment?

Last Answer : A mortgage calculator will definitely help you determine your mortgage payment. The calculator will help you decide what mortgage is right for you by allowing you to see what types are out there and the current interest rate.

What is a mortgage payment calculator?

Description : What is a mortgage payment calculator?

Last Answer : A mortgage payment calculator will calculate your monthly mortgage payments. You can find a full list of helpful information at: www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

Can I use a monthly payment calculator to find out how long it will take to pay off my mortgage?

Description : Can I use a monthly payment calculator to find out how long it will take to pay off my mortgage?

Last Answer : A house is the largest purchase most of us will ever make so it's important to calculate what your payment will be and how much you can afford. The mortgage calculator will show you how much your ... effect of adding extra payments. Watch our "How To" video on how to use the mortgage calculator.

What do you think the chances are The President and Congress get rid of mortgage interest and property taxes being a deduction on federal income taxes?

Description : What do you think the chances are The President and Congress get rid of mortgage interest and property taxes being a deduction on federal income taxes?

Last Answer : From what I hear, it is Republicans who are talking about closing “loopholes” and capping deductions more than Democrats. But whether it, or anything will happen, I don’t know. And I doubt it could effect this year’s taxes anyway.

Are there any home mortgage help plans for those on a low income, less than 25,000.?

Description : Are there any home mortgage help plans for those on a low income, less than 25,000.?

Last Answer : Plans are based on credit and current debt. You should be able to apply for a grant if you are a first time home buyer. Talk to your local bank.

From the information given below, calculate Debt service coverage Ratio– Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6,000, Debenture Redemption Fund Appropriation of Outstanding Debentures 10%. (A) 4•06 times (B) 5•06 times (C) 6•06 times (D) 7•06 times

Description : From the information given below, calculate Debt service coverage Ratio- Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6 ... . (A) 4 06 times (B) 5 06 times (C) 6 06 times (D) 7 06 times

Last Answer : Answer: 4•06 times

A franchise fee is a continuous fee paid by the franchiser usually based on a percentage of the franchisee’s gross revenue. True or false?

Description : A franchise fee is a continuous fee paid by the franchiser usually based on a percentage of the franchisee’s gross revenue. True or false?

Last Answer : paid a deposit to the franchisor

What percentage is the gross deduction?

Description : When I have in the contract that I have 15000 gross. How clean will it be?

Last Answer : It depends on possible tax reliefs, fill in the "calculator", for example here - http://www.penize.cz/kalkulacky/vypocet-ciste-mzdy

Reema and Rahul are studying about the percentage of children in the age group 14 -15 years attending school. It means they are studying about a. Net attendance ratio b. Gross enrolment ratio c. Literacy rated. Extent of illiteracy

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According to the World Bank, during the period 1996 to 2000, the approximate percentage loss of gross domestic produce due to disasters was? a. 2.85% b. 2.25% c. 2.50% d.1.95%

Description : According to the World Bank, during the period 1996 to 2000, the approximate percentage loss of gross domestic produce due to disasters was? a. 2.85% b. 2.25% c. 2.50% d.1.95%

Last Answer : b. 2.25%

In low temperature carbonisation of coal as compared to high temperature carbonisation __________ produced is less. (A) Difference in gross & net calorific value of the coke oven gas (B) Free carbon content in tar (C) Yield percentage of coke (D) Yield of ammonia present in coke oven gas

Description : In low temperature carbonisation of coal as compared to high temperature carbonisation __________ produced is less. (A) Difference in gross & net calorific value of the coke oven gas (B) Free carbon content in tar (C) Yield percentage of coke (D) Yield of ammonia present in coke oven gas

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The percentage of minimum reinforcement of the gross sectional area in slabs, is (A) 0.10 % (B) 0.12 % (C) 0.15 % (D) 0.18 %

Description : The percentage of minimum reinforcement of the gross sectional area in slabs, is (A) 0.10 % (B) 0.12 % (C) 0.15 % (D) 0.18 %

Last Answer : Answer: Option C

The most critical consideration in the design of a rolled steel column carrying axial loads is the (a) Percentage elongation at yield and the net cross-sectional area (b) Critical bending strength and axial yield strength of material (c) Buckling strength based on the net area of the section and percentage elongation at ultimate load (d) Compressive strength based on slenderness ratio and gross cross-sectional area.

Description : The most critical consideration in the design of a rolled steel column carrying axial loads is the (a) Percentage elongation at yield and the net cross-sectional area (b) Critical bending ... at ultimate load (d) Compressive strength based on slenderness ratio and gross cross-sectional area.

Last Answer : (d) Compressive strength based on slenderness ratio and gross cross-sectional area.

The Minimum percentage of secondary steel in slabs for Fe- 415 grade steel should be __________ of Gross cross-section area [ A ] 0.12% [ B ] 0.15% [ C ] 0.20% [ D ] 0.25%

Description : The Minimum percentage of secondary steel in slabs for Fe- 415 grade steel should be __________ of Gross cross-section area [ A ] 0.12% [ B ] 0.15% [ C ] 0.20% [ D ] 0.25%

Last Answer : [ A ] 0.12%

A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30%

Description : A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30%

Last Answer : d. 30%

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Description : If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is a. 70%. b. 30%. c. 15%. d. 100%.

Last Answer : b. 30%

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Description : GDP is ____. A. Gross Domestic Product. B. Gross Domestic Percentage. C. Gross Domestic Personnel. D. Gross Domestic Public.

Last Answer : A. Gross Domestic Product.

Why is the Gross National Income always more than Net National Income? -General Knowledge

Description : Why is the Gross National Income always more than Net National Income? -General Knowledge

Last Answer : The answer is 'Direct taxes'