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The maximum mortgage payment allowed for someone with an annual salary of $62,550 is $1,459.50.
28/36 Rule
What is the 28/36 rule?
The 28/36 rule is used to calculate the amount of debt a person or a household should assume. The rule suggests that a lender's following expenses cannot be more than 28% of their monthly or annual income. They are listed as follows:
- Household Expense payments
- Primarily rent
- Mortgage payments
While the debt payments must not exceed 36% of their income.
Calculating mortgage payment
Keeping the above rule in view, the mortgage payment is calculated by multiplying the annual salary by 28% and dividing the same by 12, to calculate the mortgage payments monthly. As shown below:
62,550 x 28% = $17,514
17,514 / 12 = $1,459.50
The maximum mortgage payment allowed is $1,459.50
Learn more on maximum mortgage payment here: https://brainly.com/question/8409309
