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re: Salary to mortgage ratio?
Posted on 2/7/19 at 9:43 am to Drunken Crawfish
Posted on 2/7/19 at 9:43 am to Drunken Crawfish
quote:
I just had payment #8 of 360 get drafted out of my account yesterday. I am going to throw a huge party in 2048 when I actually own my house!
We are on year #6 of a 15 yr. I'll be glad when we are done paying it.
0
Posted on 2/7/19 at 9:48 am to PortHudsonPlaya
quote:
Currently make $180K and mortgage is $1300/month. What do people with a similar salary factor in for a mortgage payment? Or overall, is there a good rule of thumb here?
I currently make $180,001 and my mortgage is $1,299 a month
Posted on 2/7/19 at 9:48 am to PortHudsonPlaya
quote:
Currently make $180K
quote:Does not check out
PortHudson
Posted on 2/7/19 at 9:49 am to Thib-a-doe Tiger
quote:
Currently make $180K and mortgage is $1300/month
quote:
I currently make $180,001 and my mortgage is $1,299 a month
Posted on 2/7/19 at 9:50 am to LSUfanNkaty
quote:
unless you live in like fort bend county in Texas
Is Harris that much better?
Posted on 2/7/19 at 9:51 am to PortHudsonPlaya
quote:
What do people with a similar salary factor in for a mortgage payment? Or overall, is there a good rule of thumb here?
You didn't say how long your mortgage is for. However, in most cases I would say a $1300 mortgage with a salary of $15K month is an awesome ratio. A more realistic for the average new home buyer is probably more in the 15% to 17% range. You are under 10% of gross. A comfortable mortgage with a gross of around $15K would be $2700 to $2900.
Unless you have kids in college or you and your wife buy new $60,000 cars every 2 years 15% to 17% is pretty easy. I'm sure there are some folks out there in the 25% to %30 range but they either made some bad choices or bought the house out of their comfortable price range and expect to sell it in 2-3 years at a nice profit.
Posted on 2/7/19 at 9:51 am to GRTiger
quote:
Is Harris that much better?
Sadly, no
We moved to FB from Harris
Posted on 2/7/19 at 9:53 am to PortHudsonPlaya
I have a pretty simple rule. My monthly mortgage should not be more than one of my or my wife's paychecks. So if of us gets a $1400 paycheck. Our mortgage isn't going to be more than that. If it is, We ain't living in that house.
Posted on 2/7/19 at 9:54 am to LSUfanNkaty
We're in Harris. Taxes are about 40% of monthly bill. frickers.
Posted on 2/7/19 at 9:55 am to PortHudsonPlaya
My mortgage is about 5% of my income. I own a $3.7 million dollar ranch, not counting the poolhouse housing my four French maids.
Posted on 2/7/19 at 9:59 am to PortHudsonPlaya
quote:.
$1300/month
What kind of shite hole are you living in? I have a higher monthly note on my golf cart.
Posted on 2/7/19 at 10:05 am to Scooba
year 3 of 30
16% of our gross salary
16% of our gross salary
Posted on 2/7/19 at 10:06 am to cave canem
quote:
68k a year salary, $1900 mortgage a month(escrow) Congrats you’re richer than me.
that is brutal
Yeah, with these numbers I'd feel impending doom every day.
Posted on 2/7/19 at 10:06 am to PortHudsonPlaya
quote:
mortgage is $1300/month
I've had two bedroom apartments in the past that rented for more than this on a way less salary.
Posted on 2/7/19 at 10:09 am to cave canem
quote:
that is brutal
Unless he has a partner also making 68k.
90/1350 here. Wife works too. We are comfortable.
Posted on 2/7/19 at 10:29 am to elposter
quote:
I believe the rule of thumb is like 28% of your gross income
That seems really high to me.
it is for louisiana. but not everyone has the luxury of cheap housing in their area.
Posted on 2/7/19 at 10:35 am to PortHudsonPlaya
16% of gross
Posted on 2/7/19 at 10:37 am to CAD703X
Length of mortgage is very important, but most of this comes down to geography.
If you live in SF or NYC your ratio will look high, if you live in a lower priced market your ratio will probably look much lower.
If you live in SF or NYC your ratio will look high, if you live in a lower priced market your ratio will probably look much lower.
Posted on 2/7/19 at 10:41 am to elposter
two mortgages 29.6% of my gross (one is rent house)
Posted on 2/7/19 at 10:42 am to PortHudsonPlaya
considering this is an honest post i'll bite. Household income is 210-220k and mortgage including escrow is 2100. Feels comfortable and we are in the black almost every month with full contributions to 401k
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