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Your gross income is your pre-tax income excluding any superannuation paid by your employer. This is the same as your taxable income unless you have pre-tax. As a sole trader, the amount you can borrow is based on your net profit after all deductions and expenses. This is the figure your tax is calculated on and can. The 28% rule states that you should spend 28% or less of your monthly gross income on your mortgage payment (e.g. principal, interest, taxes and insurance). To.

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Most lenders do not want your monthly mortgage payment to exceed 28 percent of your gross monthly income. The monthly mortgage payment includes principle. In the U.S. almost all loans use gross income. Lenders calculate the debt to income ratio (DTI) by adding the total house payment including taxes. After calculating your monthly income, the lender will calculate your monthly debt, which might include a mortgage, car loan, personal loan, credit cards.

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pay taxes on their proportionate share of net partnership income at their individual tax Schedule F must be added back to the adjusted gross income. After calculating your monthly income, the lender will calculate your monthly debt, which might include a mortgage, car loan, personal loan, credit cards. Gross Debt Service (GDS) Ratio. No more than 30% to 32% of your gross annual income should go to mortgage expenses, such as principal, interest, property taxes.