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What % of your income goes to Mortgage?
Posted on 9/27/22 at 10:05 am
Posted on 9/27/22 at 10:05 am
I’m currently paying right at 10% of my monthly income towards my mortgage. My family is outgrowing the house and we are looking to upgrade. I know with the current interest rates, it’s not a good buyers market but.. A house we love, in the best subdivision, is about to go on the market. I have more than enough funds for down payment and about 18% of my income would go towards to the monthly mortgage payment. Is 18% too much? Only debt I have is my current mortgage which I have about 40% of equity and my wife’s car note which is nothing. Give me some advice MT! TIA
33
Posted on 9/27/22 at 10:26 am to BayouBengals21
19% of net income.
This post was edited on 9/27/22 at 10:27 am
Posted on 9/27/22 at 10:34 am to BayouBengals21
21% of net income.
Posted on 9/27/22 at 10:39 am to BayouBengals21
~15% of net income.
Posted on 9/27/22 at 10:42 am to BayouBengals21
I am just under 11% of take home
Posted on 9/27/22 at 10:46 am to BayouBengals21
12% of take home
Posted on 9/27/22 at 10:49 am to BayouBengals21
A hair north of 13% of take home
Posted on 9/27/22 at 11:00 am to iAmBatman
Single income
Mortgage only:
12.5% of gross
19.5% of net
Mortgage plus mandatory HOA:
18.5% gross
29% net
But I so put almost 15% gross into retirement/HSA pretax so I'm deducting a pretty sizable chunk before net income.
Additionally, my mortgage and HSA for a 2/2 townhouse is only about $250 a month more than I was paying in rent for a 1/1 apartment that wasn't nearly as nice.
This is going to be totally dependent on where you live, single or dual income, and other expenses. Even with my mortgage expense being fairly high, I still save a well above average pee tax and 40-50% of net after all expenses.
Mortgage only:
12.5% of gross
19.5% of net
Mortgage plus mandatory HOA:
18.5% gross
29% net
But I so put almost 15% gross into retirement/HSA pretax so I'm deducting a pretty sizable chunk before net income.
Additionally, my mortgage and HSA for a 2/2 townhouse is only about $250 a month more than I was paying in rent for a 1/1 apartment that wasn't nearly as nice.
This is going to be totally dependent on where you live, single or dual income, and other expenses. Even with my mortgage expense being fairly high, I still save a well above average pee tax and 40-50% of net after all expenses.
Posted on 9/27/22 at 11:24 am to BayouBengals21
About 14% of combined net income.
Posted on 9/27/22 at 11:53 am to BayouBengals21
6% of net
Posted on 9/27/22 at 12:04 pm to Mingo Was His NameO
quote:
Single income
I don’t see this ever changing for you
Posted on 9/27/22 at 12:06 pm to nugget
quote:
I don’t see this ever changing for you
Probably not, my wife has a lot of shite to take care of and I make enough to survive
Posted on 9/27/22 at 12:15 pm to BayouBengals21
Mortgage payment (P&I plus escrow)
12% of gross.
20% take home.
Sizeable portion of gross goes to 401k’s , HSA, and IRA
12% of gross.
20% take home.
Sizeable portion of gross goes to 401k’s , HSA, and IRA
Posted on 9/27/22 at 12:16 pm to BayouBengals21
Around 10% to include taxes and insurance.
Posted on 9/27/22 at 12:17 pm to BayouBengals21
16% of take home
That’s including my home and a separate land payment
That’s including my home and a separate land payment
Posted on 9/27/22 at 12:18 pm to TrouserTrout
6% of gross 2020 income. No clue what I made last year, but it was more.
Posted on 9/27/22 at 12:18 pm to Mingo Was His NameO
quote:Your HOA is 6% OF YOUR GROSS INCOME?!?
Mortgage only:
12.5% of gross
19.5% of net
Mortgage plus mandatory HOA:
18.5% gross
29% net
God, mine is 250 bucks a year and they take care of a bunch of shite.
This post was edited on 9/27/22 at 1:56 pm
Posted on 9/27/22 at 12:23 pm to tigerfoot
quote:
Your HOA is 65 OF YOUR GROSS INCOME?!?
God, mine is 250 bucks a year and they take care of a bunch of shite.
They cover water and electricity, which I probably should have mentioned. It's actually a really good deal as just my electricity bill would be close to what thr HOA is during the summer months.
Not sure why they do that because they have to lose money on it, but whatever
Posted on 9/27/22 at 12:28 pm to BayouBengals21
16% including Taxes, Insurance, HOA
This post was edited on 9/27/22 at 12:30 pm
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