If you are one of the NFL players whose career lasted long enough to qualify for NFL pension benefits you will need to decide when to begin drawing your pension. Although the NFL retirement plan defines normal retirement age as 55 years old, many players begin drawing their pensions early.
The standard industry recommendation for mortgage payments is that no more than 28 percent of your gross income should go to your monthly payments. To calculate this, simply multiply your annual, gross income by .28 and divide by 12.
What monthly payment can you afford? Most lenders recommend that borrowers spend no more than 28 percent of their monthly income on a mortgage payment. For instance, if you make $8,000 a month and owe $500 in monthly debt payments, you could get a 30-year mortgage of up to $380,000 with 5 percent interest. Your monthly payments, representing 28 percent of your income, would be $2,040.