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10 July, 14:30

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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  1. 10 July, 14:37
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    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
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