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Real Estate
Reply to "7K Mortgage on a HHI of 500k"
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[quote=Anonymous]Well the back of the envelope math says to keep your PITI (principal, interest, taxes, and insurance) to under 28% of gross income - which, in your case, would mean less than $140,000 or $11,667/month. A $7K mortgage payment would leave $4,667 for insurance and taxes which ought to be more than sufficient. Whether the 28% of gross suggestion is comfortable for you depends on your broader financial picture which we don't have. If you have three kids in private school, big car payments, hefty student loans, etc then maybe you want to spend less.[/quote]
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