## How much of my income should I spend on a mortgage?

If you make $60,000, your monthly income would be $5,000.00, and 28% of $5,000.00 is $1,400.00. The 28% rule states that one should not make mortgage payments of more than $2,333. The 36% rule is the debt ratio of all of your debts including mortgage payments.

## How much can you afford to afford a mortgage?

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income.

## How much home can I afford if I make $60k a year?

The home affordability calculator will give you a rough estimation of how much home can I afford if I make $60,000 a year. As a general rule, to find out how much house you can afford, multiply your annual gross income by a factor of 2.5 – 4. If you make $60,000 per year, you can afford a house anywhere from $150,000 to $240,000.

## How much is a 60k mortgage on a $60k salary?

A $60,000 salary equates to a mortgage between $120,000 and $150,000. However, this guideline is very conservative and usually exceeded by most homeowners. Lenders like PITI (principal, interest, taxes, and insurance) to be less than 28 percent of your gross monthly income.