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CajunCaimen
LSU Fan
Gulf Coast
Member since Nov 2009
891 posts

What % of your income should your mortgage be?

What is the typical % of income you should shoot for when calculating monthly mortgage payments?


wegotdatwood
Member since Aug 2009
17094 posts

re: What % of your income should your mortgage be?
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.
This post was edited on 5/7 at 12:43 am


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Paul Allen
Notre Dame Fan
Baton Rouge, LA
Member since Nov 2007
33892 posts

re: What % of your income should your mortgage be?
28-33% of take home


WhalingVessel
Member since Dec 2008
245 posts

re: What % of your income should your mortgage be?
quote:


28-33% of take home
I've seen this figure various places.

Would this include property tax, insurance, and utilites??

Or is that just the mortgage payment?


Lsut81
USA Fan
Member since Jun 2005
66254 posts
Online

re: What % of your income should your mortgage be?
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
This post was edited on 5/7 at 6:44 am


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7699 posts

re: What % of your income should your mortgage be?
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.
This post was edited on 5/7 at 6:27 am


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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
34149 posts

re: What % of your income should your mortgage be?
I'm less than 10 percent and it still feels like a lot.


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
24233 posts
Online

re: What % of your income should your mortgage be?
It should not be more than 25-30% if take home pay.


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78406 posts

re: What % of your income should your mortgage be?
I wouldn't feel comfortable over 20% but I know several people that don't mind


HailToTheChiz
North Carolina Fan
Chapel Hill
Member since Aug 2010
10883 posts

re: What % of your income should your mortgage be?
nm
This post was edited on 5/7 at 7:38 am


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Vols&Shaft83
Tennessee Fan
Throbbing Member
Member since Dec 2012
27624 posts

re: What % of your income should your mortgage be?
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%.


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TigerFanatic99
LSU Fan
Granger, IN
Member since Jan 2007
4673 posts

re: What % of your income should your mortgage be?
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


ATL TGR
LSU Fan
Houston
Member since Apr 2008
2878 posts

re: What % of your income should your mortgage be?
quote:

415 a month


I could only dream!

We're sitting right under 20% and don't plan to edge any higher


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dewster
Vanderbilt Fan
Pittsburgh
Member since Aug 2006
10192 posts

re: What % of your income should your mortgage be?
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.
This post was edited on 5/7 at 9:18 am


LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
11626 posts
Online

re: What % of your income should your mortgage be?
quote:

35% is flirting with "house rich, cash poor" to me to be honest. I'd stay under 30%.
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.

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 at 9:19 am


CQQ
New Orleans Saints Fan
Member since Feb 2006
13981 posts

re: What % of your income should your mortgage be?
Mine is 11% of our combined income


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Crimsonsaint24
Alabama Fan
Alabama
Member since Jul 2011
552 posts

re: What % of your income should your mortgage be?
My mortgage payment is $1,215 and pay 100 bucks extra to principal on my 20 year mortgage I make about 70k a year


ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
7699 posts

re: What % of your income should your mortgage be?
For Principal/Interest/Insurance/Taxes its 2200/mo on 1st, interest only 2nd, but I usually pay 300-500. HOA is 130/mo


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wegotdatwood
Member since Aug 2009
17094 posts

re: What % of your income should your mortgage be?
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.


lsuhunt555
Furman Fan
Teakwood Village Breh
Member since Nov 2008
24492 posts

re: What % of your income should your mortgage be?
My mortgage is 25% of my pay AFTER taxes. Once you add my wifes, it drops significantly.


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