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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 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 6:50 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 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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