re: Salary to mortgage ratio?

Posted by Asharad

Tiamat

Member since Dec 2010

6290 posts

Posted on 2/7/19 at 12:02 pm to PortHudsonPlaya

My salary to mortgage ratio is undefined (or infinity).

Posted by LSUfanNkaty

LC, Louisiana

Member since Jan 2015

11935 posts

Posted on 2/7/19 at 12:04 pm to Lsuhack1

quote:
There is probably 100 people in Baton Rouge and almost all of them probably work for LSU/state. That would say they make 180 a year.

Yea... I'd argue that... like in a heart beat

Posted by Lsuhack1

Member since Feb 2018

866 posts

Posted on 2/7/19 at 12:10 pm to Epic Cajun

Yeah, If you made $50 an hour you would have to only work 50 hours of overtime a paycheck. And none of those jobs pay 50 an hour 37-40 is usually pretty top end.

This post was edited on 2/7/19 at 12:11 pm

Posted by Supermoto Tiger

Baton Rouge

Member since Dec 2010

10479 posts

Posted on 2/7/19 at 12:14 pm to PortHudsonPlaya

quote:
Post you annual salary vs mortgage payment.

I feel like I typically make too conservative of a decision out of safety.

Too conservative is WAY better than over extending.

Here's the Dave Ramsey rule that's worked for me:
Monthly Mortgage payment is no more than 25% of my after tax monthly income.
(15 year fixed conventional mortgage)

Posted by Supermoto Tiger

Baton Rouge

Member since Dec 2010

10479 posts

Posted on 2/7/19 at 12:24 pm to GRTiger

quote:
Do yall base that on just mortgage, or mortgage plus property taxes?

Monthly mortgage note: mortgage + Prop Tax + Insurance

Posted by Epic Cajun

Lafayette, LA

Member since Feb 2013

36379 posts

Posted on 2/7/19 at 12:28 pm to Supermoto Tiger

quote:
Monthly mortgage note: mortgage + Prop Tax + Insurance

If you escrow.

I don't escrow, those are yearly payments for me, not monthly.

Posted by TheWiz

Third World, LA

Member since Aug 2007

11865 posts

Posted on 2/7/19 at 12:36 pm to Oilfieldbiology

Not as much as PortHudsonPlaya, lol. Wife is also a physician although she takes a major hit being in Pediatrics & Academics.

Posted by slacker130

Your mom

Member since Jul 2010

8931 posts

Posted on 2/7/19 at 12:37 pm to PortHudsonPlaya

15% (with escrow) of NET income for me.

This post was edited on 2/7/19 at 12:40 pm

Posted by mikelbr

Baton Rouge

Member since Apr 2008

48997 posts

Posted on 2/7/19 at 1:15 pm to PortHudsonPlaya

quote:
Currently make $180K and mortgage is $1300/month.

quote:
PortHudsonPlaya

Why don't you share some of that Baller cash you claim to have with the newly unemployed people in your home town.

And who the frick claims to be from Port Hudson anyhow? Are you west of 61 or something? You from Zachary, poon. Deal wit it.

This post was edited on 2/7/19 at 1:15 pm

2 ...

Posted by birdieman

New Orleans

Member since Dec 2012

1647 posts

Posted on 2/7/19 at 1:26 pm to mikelbr

Must be nice to live in a broke arse state in the south. They basically give away houses down there.

Bragging about dti on a house just means you live in a place no one else wants to live or that you are old as frick.

3 ...

Posted by HDAU

Member since Nov 2014

1668 posts

Posted on 2/7/19 at 1:26 pm to PortHudsonPlaya

Dave Ramsey says to spend no more than 25% of take-home pay on your escrowed mortgage.

Posted by KG6

Member since Aug 2009

10920 posts

Posted on 2/7/19 at 1:29 pm to birdieman

quote:
Bragging about dti on a house just means you live in a place no one else wants to live or that you are old as frick.

Or you make a f-ton of money.

Posted by birdieman

New Orleans

Member since Dec 2012

1647 posts

Posted on 2/7/19 at 1:31 pm to KG6

Or lie

Posted by boosiebadazz

Member since Feb 2008

84471 posts

Posted on 2/7/19 at 1:33 pm to birdieman

My ratio is 27% for my wife and I.

Posted by Epic Cajun

Lafayette, LA

Member since Feb 2013

36379 posts

Posted on 2/7/19 at 1:34 pm to HDAU

quote:
Dave Ramsey says to spend no more than 25% of take-home pay on your escrowed mortgage.

Dave Ramsey suggests that you escrow?

Posted by shel311

McKinney, Texas

Member since Aug 2004

112624 posts

Posted on 2/7/19 at 1:38 pm to PortHudsonPlaya

quote:
Salary to mortgage ratio?

About 20% for me.

Is that bad? Good?

Posted by jvilletiger25

jacksonville, fl

Member since Jan 2014

20412 posts

Posted on 2/7/19 at 1:40 pm to birdieman

quote:
Must be nice to live in a broke arse state in the south. They basically give away houses down there.

I wish I still lived in Alabama. The housing market has lost their damn minds in Florida. And the thing is, it's northerners driving the market up. There aren't that many high paying jobs in the state.