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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 11:24 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 12:15 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 12:28 pm to BayouBengals21
16% including Taxes, Insurance, HOA
This post was edited on 9/27/22 at 12:30 pm
Posted on 9/27/22 at 12:36 pm to BayouBengals21
quote:
Is 18% too much?
I don’t think so, but I would not consider going much above this, assuming you are talking about gross income.
If you are talking about net income, you’re more than fine.
Posted on 9/27/22 at 1:07 pm to BayouBengals21
12% of our combined net.
Posted on 9/27/22 at 1:20 pm to BayouBengals21
I was surprised to do the math just now. Around 6 percent net.
This post was edited on 9/27/22 at 1:21 pm
Posted on 9/27/22 at 2:07 pm to BayouBengals21
Percentage doesnt matter.
What matters is how much money do you need to do the things you want/need to do? If your house payment infringes upon that, then you shouldn't do it. If you can afford everything you want to do and need to do while paying for the house and still have disposable cash every month, then do it.
Some people are house poor at 5% of their income because they have massive car payments, clothing expenses, entertainment expenses, etc.
Some people live stress free with a 60% mortgage payment because they are homebodies or outdoor types that dont spend much money on useless stuff they dont need or enjoy.
As a single income home with 3 kids and a stay at home wife, I have found that having about $2k/mo of disposable cash every month works well for us
What matters is how much money do you need to do the things you want/need to do? If your house payment infringes upon that, then you shouldn't do it. If you can afford everything you want to do and need to do while paying for the house and still have disposable cash every month, then do it.
Some people are house poor at 5% of their income because they have massive car payments, clothing expenses, entertainment expenses, etc.
Some people live stress free with a 60% mortgage payment because they are homebodies or outdoor types that dont spend much money on useless stuff they dont need or enjoy.
As a single income home with 3 kids and a stay at home wife, I have found that having about $2k/mo of disposable cash every month works well for us
This post was edited on 9/27/22 at 2:08 pm
Posted on 9/27/22 at 2:27 pm to BayouBengals21
Just the mortgage alone is 15% of our after tax income, that is on a 15 year mortgage
Once you add in Insurance, Taxes, HOA it is 24% of our after tax income
Once you add in Insurance, Taxes, HOA it is 24% of our after tax income
This post was edited on 9/27/22 at 2:29 pm
Posted on 9/27/22 at 2:41 pm to BayouBengals21
8.8% of net income but I live in a LCOL city so that helps
Posted on 9/27/22 at 2:54 pm to BayouBengals21
not counting my wife's income, 42-ish%. i pay the mortgage/electricity. she pays for grocery's, water/gas, trash, etc.
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