# Percentage Of Income For Mortgage Calculator

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Percentage Calculator. Percentage Calculator is a free online tool to calculate percentages. What is % of ? % is what percent of ? % What is the percentage increase/decrease from to ? % Tips: Use tab to move to the next field. Use shift-tab to move to the previous field. Press enter to calculate.

Example: To calculate how much 28 percent of your income is simply multiply 28 by your monthly income. If your monthly income is \$6,000, then multiply that by 28. 6,000 x 28 = 168,000.

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General Rule: 43 Percent of Income for Mortgage Approval. The Federal Housing Administration (FHA) also has limits on the percentage of income you can put toward your mortgage payments. Here again, the 43-percent rule emerges as a rule of thumb. In January 2013, the FHA announced a new rule regarding borrower credit scores and debt ratios.

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In general, lenders follow the "28 percent rule" – meaning no more than 28 percent of your gross income should go to your mortgage. To calculate how much you can afford to spend on housing, start with your total monthly income before taxes. Multiply that by 0.28 to get the maximum amount you should spend on a monthly mortgage payment.