how much mortgage can i afford based on income? how much mortgage can i afford on my salary?
Today, I will answer, "how much mortgage can I afford based on income?". Let's have a look at the details.
The amount of a mortgage you can afford based on your salary often comes down to a rule of thumb. For example, some experts say you should spend no more than 2x to 2.5x your gross annual income on a mortgage (so if you earn $60,000 per year, the mortgage size should be at most $150,000). Other rules suggest you shouldn't spend more than 28-29% of your gross income per month on housing.
Keep in mind that this is only a rough estimate. You should also take into account the consistency of your income. If your income fluctuates or is unpredictable, you may want to aim for a lower monthly payment to relieve some financial pressure.
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