Posted on: 09th Apr, 2004 12:41 am
Monthly Income refers to an individual's basic monthly salary, plus any additional allowances and monthly income from investments like Mutual Funds etc.
For example; Let the basic monthly salary of George be $50,000; additional allowances be $10,000 and monthly income from investments be $20,000. Therefore, total monthly income = $50,000 + $10,000 + $20,000 = $80,000
When you apply for a mortgage loan, one of the things that lenders check amongst other factors is your monthly income. This is compared to your monthly expenses to determine the amount of mortgage loan that you can actually afford.
In general, all the lenders agree that your mortgage related expenses in each month should not be more than 28% of your gross monthly income. These expenses include principal loan amount, interest and taxes. Thus, if the combined gross monthly income of a couple is $3,000 then they can afford a maximum mortgage payment of about $840, including taxes and insurance.
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For example; Let the basic monthly salary of George be $50,000; additional allowances be $10,000 and monthly income from investments be $20,000. Therefore, total monthly income = $50,000 + $10,000 + $20,000 = $80,000
When you apply for a mortgage loan, one of the things that lenders check amongst other factors is your monthly income. This is compared to your monthly expenses to determine the amount of mortgage loan that you can actually afford.
In general, all the lenders agree that your mortgage related expenses in each month should not be more than 28% of your gross monthly income. These expenses include principal loan amount, interest and taxes. Thus, if the combined gross monthly income of a couple is $3,000 then they can afford a maximum mortgage payment of about $840, including taxes and insurance.
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thank you so much for your help
fixed income retiree
WOW! James, I don't know how you did it, but you certainly provided the answer to the question that Joe didn't ask. How were you able to figure out that by saying "fixed income retiree" he was asking how to go about buying a new home after a short sale?
Do you have ESP? Are you better than Uri Geller or The Amazing Kreskin?
I'm impressed!
Do you have ESP? Are you better than Uri Geller or The Amazing Kreskin?
I'm impressed!
A monthly income plan can be considered a budget for a retirement income. Rather than retire and use your nest egg by making withdrawals amounting random variable, a monthly income plan to ensure that you receive a regular amount each month of use, which limits the risk overconsumption. In this context, at a minimum price is similar in many respects an annuity.
This thread has become the haven for misguided advice, it appears.
Let's continue -
Being a flirt is one of the most wonderful occupations a person can inhabit. There isn't much to say about the paychecks you can expect to garner, but just thinking of all the fun you can have in flirting with others and making them and yourself feel good...all at the same time...is a way of flirting with yourself!
That's my wasted tidbit for the day.
Let's continue -
Being a flirt is one of the most wonderful occupations a person can inhabit. There isn't much to say about the paychecks you can expect to garner, but just thinking of all the fun you can have in flirting with others and making them and yourself feel good...all at the same time...is a way of flirting with yourself!
That's my wasted tidbit for the day.