What percentage of my income should go toward my mortgage?

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  • December 24, 2023 at 2:55 pm #28557
    Team StellarFi
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    Depending on your income, debt, and assets, there are multiple models of mortgage payments. Keep in mind your other financial goals, debts, and monthly expenses when calculating your mortgage percentage. Here are a few of the common mortgage payment rules:

    • The 28% rule: According to this rule, you should put aside no more than 28% of your monthly gross income towards your mortgage payment.
    • The 35%/45% model: According to this model, your total monthly debt should not exceed 35% of your pre-tax income or 45% of your after-tax income.
    • The 25% post-tax model: According to this model, your total monthly debt should be less than or equal to 25% of your post-tax income.
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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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