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BayouBengals21
Member since Mar 2020
104 posts
 Online 

What % of your income goes to Mortgage?

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


DiamondDog
LSU Fan
Louisiana
Member since Nov 2019
8818 posts
 Online 

19% of net income.
This post was edited on 9/27 at 10:27 am


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11
Bermuda99
LSU Fan
Member since Jun 2021
98 posts

21% of net income.


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10
Bard
LSU Fan
Definitely NOT an admin
Member since Oct 2008
46076 posts

~15% of net income.


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Weekend Warrior79
LSU Fan
Member since Aug 2014
12331 posts

I am just under 11% of take home


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10
meeple
USA Fan
Carcassonne
Member since May 2011
8087 posts

12% of take home


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iAmBatman
USA Fan
The Batcave
Member since Mar 2011
12382 posts

A hair north of 13% of take home


Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts

Single income

Mortgage only:
12.5% of gross
19.5% of net

Mortgage plus mandatory HOA:
18.5% gross
29% net


But I so put almost 15% gross into retirement/HSA pretax so I'm deducting a pretty sizable chunk before net income.

Additionally, my mortgage and HSA for a 2/2 townhouse is only about $250 a month more than I was paying in rent for a 1/1 apartment that wasn't nearly as nice.

This is going to be totally dependent on where you live, single or dual income, and other expenses. Even with my mortgage expense being fairly high, I still save a well above average pee tax and 40-50% of net after all expenses.


Suntiger
USA Fan
BR or somewhere else
Member since Feb 2007
31323 posts

About 14% of combined net income.


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GEAUXT
USA Fan
Member since Nov 2007
28306 posts

6% of net


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TD SponsorTD Fan
USA
Member since 2001
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nugget
LSU Fan
Mostly Peaceful Poster
Member since Dec 2009
13010 posts
 Online 

quote:

Single income


I don’t see this ever changing for you


Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts

quote:


I don’t see this ever changing for you


Probably not, my wife has a lot of shite to take care of and I make enough to survive


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02
HarveyBanger
Member since Mar 2018
987 posts

Mortgage payment (P&I plus escrow)

12% of gross.
20% take home.

Sizeable portion of gross goes to 401k’s , HSA, and IRA


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10
TrouserTrout
US Marine Corps Fan
Member since Nov 2017
4300 posts

Around 10% to include taxes and insurance.


VermilionTiger
USA Fan
Member since Dec 2012
35681 posts
 Online 

16% of take home

That’s including my home and a separate land payment


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TDTOM
Member since Jan 2021
8008 posts
 Online 

6% of gross 2020 income. No clue what I made last year, but it was more.


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tigerfoot
LA-Monroe Fan
Alexandria
Member since Sep 2006
51464 posts

quote:

Mortgage only:
12.5% of gross
19.5% of net

Mortgage plus mandatory HOA:
18.5% gross
29% net
Your HOA is 6% OF YOUR GROSS INCOME?!?

God, mine is 250 bucks a year and they take care of a bunch of shite.
This post was edited on 9/27 at 1:56 pm


prestigeworldwide
Member since May 2018
223 posts

7% of net income.


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Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts

quote:

Your HOA is 65 OF YOUR GROSS INCOME?!?

God, mine is 250 bucks a year and they take care of a bunch of shite.



They cover water and electricity, which I probably should have mentioned. It's actually a really good deal as just my electricity bill would be close to what thr HOA is during the summer months.

Not sure why they do that because they have to lose money on it, but whatever


Lsut81
Chicago Cubs Fan
Member since Jun 2005
77614 posts
 Online 

16% including Taxes, Insurance, HOA
This post was edited on 9/27 at 12:30 pm


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