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.
These calculators work primarily by figuring out your debt-to-income ratio and then how much you can afford to pay for your monthly mortgage payment. This is similar to how banks decide how much to lend you. The typical bank limit on monthly mortgage payments is about 28 percent of your gross monthly income.Therefore, the bank thinks you can devote up to 28 percent of your household income to your mortgage payment and expenses (including taxes, insurance and association dues).or example: Your goal mortgage payment, plus expenses, is $1,500 per month, and you pay $700 per month in rent. So each month when you pay rent, youâll also put $800 into your savings account. At the end of six months, youâll have a pretty hefty savings account.