how much should a person spend on a mortgage
For example, if you make $60,000 a year and have no debts, you can afford to spend about $1,500 a month on principal, interest, taxes and insurance without breaking the 30% rule. To keep housing costs down to 25% of your income, as Weston recommends, you'll have to spend $1,250 or less.Nearly 37% of homeowners with a mortgage -- 19 million people -- now spend more than 30% of their income on housing.or example, if you make $60,000 a year but you spend $300 a month on car payments, $125 on credit card bills and $200 on student loans, the 36% rule would limit your monthly housing costs to $1,175. It's easy to put these rules to work.