Considering I should spend no more than 30% of my monthly gross income on housing expenses,...
Considering I should spend no more than 30% of my monthly gross income on housing expenses, how much must my monthly gross income be to afford a $2,370.74 monthly mortgage payment?w
Homework Answers
Spending should not be more than 30% of monthly gross
income.
Monthly mortagage payment = $2,370.74
Monthly gross income required = Monthly mortagage payment / %
spending
= $2,370.74 / 0.30
= $7,902.47 approx.
Hence Monthly gross income must be $7,902.47
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