Monthly installment or the debt payment ration will help anyone to get the exact figure of the mortgage amount .The debt income ration vary from 33% to 38% .The monthly installment include the percentage of the principal payment of mortgage and also the interest on the mortgage ,but on every circumstances it can’t be exceed the 385 of your income.Mortgage payment condition become strict if you made less down payment and your credit condition is not good in the market but on the other hand when your credit condition is good and you made a large amount as down payment than the term and condition is not as much strict as in first one.
Here the income is depend on the statement of document provided by you ,If you give only income statement than the mortgage installment decided on your salary only .On the other hand if wife and children also earning member of the family and each one want to contribute on the payment than the installment decided on the basis of the family income.
In this scenario the debt installment is high and the maturity period is low and you can get out of debt trap as soon as payment finish.
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