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Mortgage affordability question
Posted on 6/15/26 at 6:21 pm
Posted on 6/15/26 at 6:21 pm
I’ve seen some wide ranges of opinions on how much a mortgage should take up of your income. Anywhere from <20% of your take home pay to <30% of your gross pay.
We’re looking at a home that would be a dream house for us. List price is 950k. Our gross income is 420k per year. The mortgage will come out to around 6000/month with the down payment. Our cars are paid off. Student loan is almost paid off. My wife is homeschooling our kids. We don’t live a lavish lifestyle by any means.
Looking for advice on if this mortgage would potentially make us “house poor” and what your acceptable mortgage percentage would be.
TIA.
We’re looking at a home that would be a dream house for us. List price is 950k. Our gross income is 420k per year. The mortgage will come out to around 6000/month with the down payment. Our cars are paid off. Student loan is almost paid off. My wife is homeschooling our kids. We don’t live a lavish lifestyle by any means.
Looking for advice on if this mortgage would potentially make us “house poor” and what your acceptable mortgage percentage would be.
TIA.
17
Posted on 6/15/26 at 6:27 pm to cforester821
The real question is how much of a percentage do you save and invest?
Posted on 6/15/26 at 6:32 pm to UptownJoeBrown
Around 10% of gross on top of a maxed out retirement.
Posted on 6/15/26 at 6:33 pm to cforester821
this is such a personal question. Obviously you can pay the note.
do what’s best for your family. I assume you have alternatives you can consider
do what’s best for your family. I assume you have alternatives you can consider
Posted on 6/15/26 at 6:40 pm to cforester821
quote:
Around 10% of gross on top of a maxed out retirement.
What’s the rough % total?
Posted on 6/15/26 at 6:46 pm to cgrand
quote:
this is such a personal question
Fair.
I guess I’m asking around to make sure I’m not making an obviously bad financial decision.
Posted on 6/15/26 at 6:48 pm to cforester821
You can afford the house.
Posted on 6/15/26 at 6:49 pm to cforester821
so 6000 is close to 30% of your take home, more or less?
Posted on 6/15/26 at 7:05 pm to cgrand
Yes
Posted on 6/15/26 at 7:19 pm to cforester821
well don’t go any higher than that 
Posted on 6/15/26 at 7:19 pm to cforester821
You'll be absolutely fine
The percentages are more strict for people in lower to middle income ranges. If you're a high earner, having 13k left over each month with 6k going to a mortgage is obviously not hard to do.
Someone netting 5k a month and spending 1500 on housing with 3500 left over is a bit tougher to do (but still plenty doable considering specfic situation). No other debt? Nomproblem. C.c debt, car loan, student loan totalling $1k a month, not gunna work.
The percentages are more strict for people in lower to middle income ranges. If you're a high earner, having 13k left over each month with 6k going to a mortgage is obviously not hard to do.
Someone netting 5k a month and spending 1500 on housing with 3500 left over is a bit tougher to do (but still plenty doable considering specfic situation). No other debt? Nomproblem. C.c debt, car loan, student loan totalling $1k a month, not gunna work.
Posted on 6/15/26 at 7:26 pm to cforester821
How secure is your career?
You're an MD? You're fine.
You're an MWD sales guy? Good luck.
FWIW my PITI is right under 30% net income. It's fine.
You're an MD? You're fine.
You're an MWD sales guy? Good luck.
FWIW my PITI is right under 30% net income. It's fine.
This post was edited on 6/15/26 at 7:38 pm
Posted on 6/15/26 at 7:37 pm to thegreatboudini
quote:
You're an MD? You're fine.
You got me.
Posted on 6/15/26 at 7:37 pm to thunderbird1100
quote:
The percentages are more strict for people in lower to middle income ranges. If you're a high earner, having 13k left over each month with 6k going to a mortgage is obviously not hard to do. Someone netting 5k a month and spending 1500 on housing with 3500 left over is a bit tougher to do (but still plenty doable considering specfic situation). No other debt? Nomproblem. C.c debt, car loan, student loan totalling $1k a month, not gunna work.
That makes sense. This is helpful.
Posted on 6/15/26 at 8:17 pm to cforester821
My advice is more of a general one....By all means, get the house you want and is within a sensible budget. My wife used to work in banking and the banks would lend more to doctors than others. Such as a loan valued at 110% of the home's appraisal.
BUT, she also was quick to point out that most of the doctors she worked with were more in debt than others.
A nearly million dollar house (assuming we're not talking about the SF Bay area) can be filled with a few thousand dollars' worth of furniture, or a quarter million worth of furniture.
Just be diligent in all of your life's purchases, whether big ticket items like houses and vehicles, or whether some of the more mundane items.
BUT, she also was quick to point out that most of the doctors she worked with were more in debt than others.
A nearly million dollar house (assuming we're not talking about the SF Bay area) can be filled with a few thousand dollars' worth of furniture, or a quarter million worth of furniture.
Just be diligent in all of your life's purchases, whether big ticket items like houses and vehicles, or whether some of the more mundane items.
Posted on 6/15/26 at 8:21 pm to cforester821
420k with no childcare or car payments?
Bro buy it and pay it off in 5 years. Maybe cut back on some other spending.
Bro buy it and pay it off in 5 years. Maybe cut back on some other spending.
Posted on 6/15/26 at 8:29 pm to j1897
Think about what you take home and what you will have leftover for spending after the mortgage, insurance, and taxes. It’s really that simple. The percentages and comparison to gross is all folly. Put the actual $$$ down and look at the monthly cash flows. From there, it’s just a matter of whether you are comfortable with that or not.
Posted on 6/15/26 at 8:39 pm to cforester821
Do you like your career? Would you ever consider leaving your field?
Oh never mind, I see you are a doctor. Buy the house.
Oh never mind, I see you are a doctor. Buy the house.
This post was edited on 6/15/26 at 8:41 pm
Posted on 6/15/26 at 9:20 pm to j1897
Divide salary by 12 and multiply by .28
Posted on 6/15/26 at 9:24 pm to cforester821
At that level of income I assume you expect it to go up over time.
My first boss told me to stretch a little on your home early on if you’re secure in your job. Your income will rise over time and take care of it.
He is now retired with a home in Charlotte, Holden Beach, some condos in Vegas and an airplane.
My first boss told me to stretch a little on your home early on if you’re secure in your job. Your income will rise over time and take care of it.
He is now retired with a home in Charlotte, Holden Beach, some condos in Vegas and an airplane.
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