Salary Vs Mortgage Payment

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A mortgage payment consists of four components (often collectively. If one side of the affordability coin is income, then the other side is a risk.

Real life example with gross monthly income of $5,000 and monthly non-mortgage debts of $450 (credit card minimum payments and installment loans): $5,000 x 0.43 = $2,150 $2,150 – $450 = $1,700 maximum total monthly mortgage payment (including principal, interest, taxes, and insurance)

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