Thursday, August 11, 1994

How to calulate minimum monthly income you need to afford a house?

when the house of $116,055 can only be 25% of your income. How do i find my mininum income? How would i calulate that step by step. PLEASE NO WEBSITE CALCULATORS, i want work shown and steps how to do it. nothing else.

Answer on How to calulate minimum monthly income you need to afford a house?

wow
ok

they want to be able to have you extract $1348 from your paycheck. and since they want
the 1348 to be no more than 25% of your pay, you reverse the system. thus, 25% of
something = 1348. 4x 1348= 5292.
they want you to gross 5292 per mo.
for principle, taxes, insurance, maintenance.
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