Question

Using proportions if your monthly mortgage payment is 1,125.98, at least how much must your monthly realized income be to stay within acceptable housing expense limits

Answer 1

Answer: $4,021.36 would be the correct answer. I had it on a test.

Answer 2

Given:
monthly mortgage payment = 1,125.98

According to articles I read, a conservative mode income used for housing should be 25% of after-tax income or take home pay.

Dave Ramsey said "Your mortgage payment should not be more than 25 percent of your take-home pay and you should get a 15-year or less, fixed-rate mortgage.."

Using that as basis, computation will result to:

1,125.98/25% = 4,503.92 Monthly realized income