How much is too much debt? Determine how much of your income is going toward debt.
Average monthly income after taxes
Monthly mortgage payment
Other consumer monthly debt (balance on credit cards, loans, etc.)
Percent of your consumer debt that you pay off monthly.
Your monthly mortgage, plus taxes and insurance, shouldn’t be any more than 28% of your gross monthly income. Your consumer debt shouldn’t exceed 30% of your income. As a rule of thumb, anything more than 30% could negatively affect your credit.
Note: This interactive calculator is intended as an educational tool but not as investment advice. The information presented isn’t designed to advise you of strategies which are applicable to your specific situation but rather to highlight issues for your consideration. Therefore, you should always consult your financial or tax advisor. Your own goals will help you to develop a specific financial strategy.
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Enter a valid value for your average monthly income after taxes
Enter a valid value for the percent of your consumer debt that you pay off each month
You don't have enough income to cover your monthly payments. Please enter different values.