Is this affordable on my salary?

Question

Is a $600 mortgage and $250 car payment affordable on my salary with no other debts? I make $37,500 before taxes and insurance. I bring home about $1,100 bi weekly.

Answer

That equates to your mortgage costing 26% of your net income. I think the recommendation is to keep housing expenses below 25% of your income. So it's close.

Answer

You are supposed to only spend 30% of income (pretax) on housing.  For you, that’s $937.50. As for the car payment, you’ll need to look at your other expenses and determine if it’s doable.

Is this affordable on my salary?

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