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Finance Tip of the Day

How Much Home Can I Afford?

  • 2016 26 Jul
  • COMMENTS
How Much Home Can I Afford?

mvelopes

How Much Home Can I Afford?

Many experts suggest you should not spend more than 30% of your gross monthly income on housing. We would take an even more conservative stance and suggest spending 25% or less of your gross monthly income on housing.

Here is a calculator that helps you determine how much house you can afford. Keep in mind that many calculators factor in spending between 30%-36% of your gross monthly income on housing. So as you use them, bring your final “affordable amount” down to 25% of your gross monthly income.

Today's tip brought to you by Mvelopes and Money4Life Coaching.


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