Posted on: 29th Jan, 2009 11:52 am
I'm first time home buyer. I wanted to know in general
what percentage of income paying to mortgage is reasonable?
what percentage of income paying to mortgage is reasonable?
Typically you do not want your total combined house payment to exceed 33% of your monthly gross income. Your combined house payment = principal+interest+insurance+PMI if applicable+ homeowners association fees if applicable.