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Message
re: Mortgage Amount 2-2.5x Annual Income
Posted on 4/15/22 at 10:26 pm to Paul Allen
Posted on 4/15/22 at 10:26 pm to Paul Allen
quote:Jeez, this a scary statement. My wife and and I spend $2900 a month on house, insurance and taxes. Our equity in the house is a half-million, and we have substantial combined income. But.. we are pounded by taxes, upkeep, colleges, saving for retirement and helping our parents, who live in other states, so travel is hard and expensive. I just don't see how a couple on $130k affords a $260O-$2800 house note and throws in planning/saving for their future and college for their kids.
I said 475-500k, not 700k. I don’t think a 2600-2800 mortgage note for a couple making 130k with no kids and zero debt is really going to hurt or impede any wealth building.
This post was edited on 4/15/22 at 10:34 pm
1
Posted on 4/16/22 at 12:11 am to HubbaBubba
quote:
I just don't see how a couple on $130k affords a $260O-$2800 house note and throws in planning/saving for their future and college for their kids.
How so? If there are no car notes or revolving monthly debt then it’s very attainable.
My example also said a couple making 130k without kids. Sure, with kids 2600-2800 a month would be tougher to manage.
Maybe they’re not maxing out their 401ks at 130k salary but they more than likely can contribute $400-$500 a month and still be comfortable.
Keep in mind $130,000 after tax breaks down into $10,833 monthly.
With zero debt and no kids, I don’t see how even a $3000 mortgage would not be doable.
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