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If Drew's monthly net income is 800 dollars what is the maximum he should use on debt payments?
Wiki User
∙ 11y ago
$224 or 28% of your income here is a site that states this fact
Source http://www.bankrate.com/finance/mortgages/how-much-house-can-you-buy--1.aspx
Wiki User
∙ 11y ago
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Maximum Mortgage?
Maximum Mortgage What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.
What is the maximum you should spend on housing if your gross income is 1 800 per month?
The maximum you should spend on housing is 30% of your monthly income. If your gross monthly income is $1800, you should spend no more than $540 per month.
Can you change your debt to income ratio?
Your debt-to-income ratio is your total monthly debt obligations divided by your total monthly income. Increase your income or lower your debt payments to have a more favorable debt-to-income ratio. How do the credit companies know your income?
What is the maximum percentage of a borrower's income that can be used to make the monthly mortgage payment called?
Debt to income ratio
How do you calculate the debt to income ratio?
See, it has to be a ratio of your total monthly income and your total monthly debt payments. First of all, you should add your monthly income. On the other hand, you have to add your monthly bills e.g. rent, car loan, phone etc. Your total credit card outstanding balance has to be divided by 12 and the figure that you achieve has to be added with your total monthly bill payments. Thus, you arrive at your debt payment each month. You must ensure that your debt payments shouldn't exceed 50% of your earnings. You can use a debt-to-income ratio calculator to know the correct figure.
Maximum Mortgage?
Maximum Mortgage What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.
If 85 percent of a monthly income is spent if and 360 dollars remains what was the monthly income?
2,400
What kind of information do I need to calculate the monthly payments on my loan?
You monthly payment on a loan is largely based on your monthly income. usually you are expected to pay 15% percent of you income to you debtors or creditors.
Was a monthly income of 1000 dollars considered rich or poor back in the 1920s?
A monthly income like that was HUGE back in the 20s. Especially because of prohibition. 1000 dollars was almost as much as the annual income.
How much does a psychiatrist make in a monthly income?
10 dollars
What is the maximum you should spend on housing if your gross income is 1 800 per month?
The maximum you should spend on housing is 30% of your monthly income. If your gross monthly income is $1800, you should spend no more than $540 per month.
Can you change your debt to income ratio?
Your debt-to-income ratio is your total monthly debt obligations divided by your total monthly income. Increase your income or lower your debt payments to have a more favorable debt-to-income ratio. How do the credit companies know your income?
What is the maximum percentage of net income for food?
The amount of food stamps a household gets depends on how many people are in the household and how much monthly net income remains after taking allowable deductions. The county welfare department takes the maximum amount of food stamp benefits a household can get for the number of people in the household, and then deducts 30 percent of the household's net income. As of June 2008, the current maximum monthly allotment for a two-person household is $298.00. This means that for every ten dollars of net income the household has, the food stamp office will reduce the food stamp allotment by three dollars.
What is the maximum percentage of a borrower's income that can be used to make the monthly mortgage payment called?
Debt to income ratio
What is the monthly income in the US for a mechanic?
70,000 to 200,000 dollars a year
How do you calculate the debt to income ratio?
See, it has to be a ratio of your total monthly income and your total monthly debt payments. First of all, you should add your monthly income. On the other hand, you have to add your monthly bills e.g. rent, car loan, phone etc. Your total credit card outstanding balance has to be divided by 12 and the figure that you achieve has to be added with your total monthly bill payments. Thus, you arrive at your debt payment each month. You must ensure that your debt payments shouldn't exceed 50% of your earnings. You can use a debt-to-income ratio calculator to know the correct figure.
How can one reduce monthly payments on loans?
Some plans can help people, and especially students, to reduce their monthly payments on loans. An example is the Income-Based Repayment scheme, designed to help people manage their payments and make them more affordable.
