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What % of your income should your mortgage be?
Posted on 5/7/13 at 12:37 am
Posted on 5/7/13 at 12:37 am
What is the typical % of income you should shoot for when calculating monthly mortgage payments?
8
Posted on 5/7/13 at 12:41 am to CajunCaimen
Live well below your means and you'll be happier.
Once I land a full-time job, our % with take-home pay INCLUDING taxes and insurance will be 17% (13% of take-home if you don't include taxes and insurance.)
Currently, it's 29% of take home.
Banks will use your gross when determining the amount they will loan you.
Once I land a full-time job, our % with take-home pay INCLUDING taxes and insurance will be 17% (13% of take-home if you don't include taxes and insurance.)
Currently, it's 29% of take home.
Banks will use your gross when determining the amount they will loan you.
This post was edited on 5/7/13 at 12:43 am
Posted on 5/7/13 at 2:18 am to CajunCaimen
28-33% of take home
Posted on 5/7/13 at 3:04 am to Paul Allen
quote:I've seen this figure various places.
28-33% of take home
Would this include property tax, insurance, and utilites??
Or is that just the mortgage payment?
Posted on 5/7/13 at 5:32 am to CajunCaimen
Ive read you realistically want to be in the low to mid 20's...
But depending on the type of loan you qualify for, it varys widely.
I believe a FHA is 38% and is the most
But depending on the type of loan you qualify for, it varys widely.
I believe a FHA is 38% and is the most
This post was edited on 5/7/13 at 6:44 am
Posted on 5/7/13 at 6:26 am to CajunCaimen
28% -36% is standard. Many factors involved. Know thy self.
Where I live is the 4th best public school district in the US. The public schools here are better than the top private school educations in LA, MS, & AL. My wife was bored the few years she attended SJA in BR, her brother the same at Catholic.
Factor in those tuition cost and apply it to your mortgage vs high school...that is more the norm where I live.
Where I live is the 4th best public school district in the US. The public schools here are better than the top private school educations in LA, MS, & AL. My wife was bored the few years she attended SJA in BR, her brother the same at Catholic.
Factor in those tuition cost and apply it to your mortgage vs high school...that is more the norm where I live.
This post was edited on 5/7/13 at 6:27 am
Posted on 5/7/13 at 6:49 am to Lsut81
I'm less than 10 percent and it still feels like a lot.
Posted on 5/7/13 at 6:50 am to CajunCaimen
It should not be more than 25-30% if take home pay.
Posted on 5/7/13 at 7:12 am to CajunCaimen
I wouldn't feel comfortable over 20% but I know several people that don't mind
Posted on 5/7/13 at 7:37 am to yellowfin
nm
This post was edited on 5/7/13 at 7:38 am
Posted on 5/7/13 at 7:42 am to kywildcatfanone
Dave Ramsey says no more than 25% of take home. Including taxes and insurance. Shaft says no more than 30%. Shaft does no more than 20%.
Posted on 5/7/13 at 8:47 am to I Love Bama
This. My total monthly payment (principle, taxes, insurance) is about 415 a month, and it scares me. We take home about 60k a year after taxes.
payments suck
payments suck
Posted on 5/7/13 at 8:57 am to TigerFanatic99
quote:
415 a month
I could only dream!
We're sitting right under 20% and don't plan to edge any higher
Posted on 5/7/13 at 9:06 am to WhalingVessel
I'm at around 30.5% of my after tax and 401k "take home pay" for mortgage, PMI, taxes, insurance, and HOA. This does not include my wife's income.
Not saying that's right, but I've been told 35% is normal. 35% is flirting with "house rich, cash poor" to me to be honest. I'd stay under 30%.
There is always something that you'll have to spend money on with the house. Furniture, repairs, landscaping, termite contracts.....it adds up. Unless you are buying brand new, you should consider those added costs.
Not saying that's right, but I've been told 35% is normal. 35% is flirting with "house rich, cash poor" to me to be honest. I'd stay under 30%.
There is always something that you'll have to spend money on with the house. Furniture, repairs, landscaping, termite contracts.....it adds up. Unless you are buying brand new, you should consider those added costs.
This post was edited on 5/7/13 at 9:18 am
Posted on 5/7/13 at 9:17 am to dewster
quote:It really varies with income. 35% of take home pay when you only make 50k gross leaves you pretty cash poor. 35% of 150k gross and you are still doing okay.
35% is flirting with "house rich, cash poor" to me to be honest. I'd stay under 30%.
My mortgage is just less than 20% take home(wife and mine), and I wouldn't go above 25% unless I had a very nice nest egg.
This post was edited on 5/7/13 at 9:19 am
Posted on 5/7/13 at 9:31 am to LSUAfro
Mine is 11% of our combined income 
Posted on 5/7/13 at 9:48 am to Cholo
My mortgage payment is $1,215 and pay 100 bucks extra to principal on my 20 year mortgage I make about 70k a year
Posted on 5/7/13 at 10:00 am to Crimsonsaint24
For Principal/Interest/Insurance/Taxes its 2200/mo on 1st, interest only 2nd, but I usually pay 300-500. HOA is 130/mo
Posted on 5/7/13 at 10:06 am to CajunCaimen
Read the millionaire next door if you haven't yet. Outstanding all-around book that will make you laugh about what you may have purchased.
Majority of millionaires live well below their means.
Majority of millionaires live well below their means.
Posted on 5/7/13 at 11:08 am to CajunCaimen
My mortgage is 25% of my pay AFTER taxes. Once you add my wifes, it drops significantly.
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