Forum Discussion

ugh's avatar
ugh
Explorer
Apr 19, 2015

What % of income for monthly payment consider okay

We want to go camping again. Since the accident, we are now ready to go shopping again, but this time we are thinking about Class A instead of TT. That means it will have larger payment and longer ter...
NoVa_RT's avatar
NoVa_RT
Explorer
Apr 19, 2015
I am going to stick with 6 years for sure. I have no debt except for mortgage and home improvement. Both are taking up about 20% of my income.

Sounds like the OP is in reasonably good shape. If a person can put enough down and pay the loan off In a short enough time that they are "above water" for the duration of the loan, they're probably OK.

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