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Posted on 4/21/14 at 4:20 pm to Hawkeye95
quote:
if you plan for the worst outcome always, you wont do anything.
Posted on 4/21/14 at 5:53 pm to CP3LSU25
One size doesn't fit all, but I maintain your mortgage payment % should be as little as possible.
Posted on 4/21/14 at 6:11 pm to Iowa Golfer
quote:
One size doesn't fit all, but I maintain your mortgage payment % should be as little as possible.
This advice seems pretty self-evident wouldn't you think?
Posted on 4/21/14 at 6:27 pm to Teddy Ruxpin
We're at 10% of gross and I feel like we aren't saving enough.
Posted on 4/21/14 at 6:39 pm to Teddy Ruxpin
quote:
One size doesn't fit all, but I maintain your mortgage payment % should be as little as possible.
This advice seems pretty self-evident wouldn't you think?
Yes, I would think so, but then I watch people's decisions and I come to the conclusion that it must not be. If you can afford a $500K home I believe unless there is compelling reasons otherwise, you should consider a home for about $125K.
Posted on 4/21/14 at 6:47 pm to Iowa Golfer
quote:
Yes, I would think so, but then I watch people's decisions and I come to the conclusion that it must not be. If you can afford a $500K home I believe unless there is compelling reasons otherwise, you should consider a home for about $125K.
good point.
Posted on 4/21/14 at 6:55 pm to Iowa Golfer
quote:
Yes, I would think so, but then I watch people's decisions and I come to the conclusion that it must not be. If you can afford a $500K home I believe unless there is compelling reasons otherwise, you should consider a home for about $125K.
Where I live its mainly the schools. Instead of dropping 25k/yr on 2.5 kids in private, people take advantage of the phemomenonal public school system. Put that 25k/ yr into mortgage, keeps less desirables out, which keeps schools performance, vicious cycle and so on.
Plus we have no state income tax and low prop taxes & insurance.
Posted on 4/22/14 at 12:21 am to ItNeverRains
How long of a term are these percentages based on? 15, 20, 30 years?
Posted on 4/22/14 at 7:06 am to Scooby
Not sure, but there are very few reasons to NOT get a 30-yr fixed mortgage these days. It is hard to justify passing up when rates are where they are.
Posted on 4/22/14 at 9:36 am to krehn11
less than 30% is the general rule.
Posted on 4/22/14 at 10:54 am to oldcharlie8
A good rule (which I just made up) is your mortgage should be equal to or less than your savings rate.
Posted on 4/22/14 at 11:07 am to krehn11
Going by gross, I'm only at about 12% of my income. After tax, 401k, etc. it shoots up to 23%. This doesn't even count my wife's income. With that being said, we are under most people's rule of thumb, but I really don't feel like we could afford much more. We are a new family just starting out and have a lot of life's major expenditures hitting us at once (student loans, kid on the way, moving at the end of the year, etc.). It all depends on your personal financial situation. One of those calculators told me I could afford a half million dollar house. It can get out of hand quickly if you think everyone fits in the same mold.
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