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Not Cooper
UCLA Fan
Member since Jun 2015
1406 posts

What percent of your Net Income goes to your mortgage?
Potential first time homebuyer here. I've been doing lots of research on how much I can afford, and I see that basically everything is based off of your gross income. It doesn't make sense to me to use my gross income because a lot of that money I'll never see. I've seen a lot that you shouldn't exceed 36% of your gross income in debt. That seems like an absolute shite ton to me. 36% of my gross income would become like 60% of my net income

My question to you fine folks is what percent of your net income goes to mortgage (or debt in general - i have very little debt) and whether that amount feels comfortable to you, or if you feel like you're being stretched.

Just looking for some real-life examples instead of the online calculators. Appreciate the responses.



specchaser
LSU Fan
lafayette
Member since Feb 2008
1951 posts

re: What percent of your Net Income goes to your mortgage?
tree fiddy

I'd suggest the money board


Thib-a-doe Tiger
LSU Fan
LaTour and in BRgetthenet's head
Member since Nov 2012
30564 posts

re: What percent of your Net Income goes to your mortgage?
One hunnit


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53
RoscoeHarper
Houston Astros Fan
Edmond, OK
Member since Aug 2011
2753 posts

re: What percent of your Net Income goes to your mortgage?
69%

$350k house


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363
ellunchboxo
New Orleans Saints Fan
Gtown
Member since Feb 2009
16875 posts

re: What percent of your Net Income goes to your mortgage?
About 25% by spitballing.


The Spleen
Alabama Fan
Member since Dec 2010
24982 posts

re: What percent of your Net Income goes to your mortgage?
Just did a rough calculation and it was 16%.


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40
fallguy_1978
LSU Fan
Half mile from St George
Member since Feb 2018
16003 posts

re: What percent of your Net Income goes to your mortgage?
Around 14% of our net household income including escrow, insurance and everything
This post was edited on 5/8 at 3:14 pm


Spankum
LSU Fan
Miss-sippi
Member since Jan 2007
49329 posts

re: What percent of your Net Income goes to your mortgage?
About 30%...I'm single though, so I don't have a lot of additional expenses.


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11
RogerTheShrubber
LSU Fan
Juneau, AK
Member since Jan 2009
175121 posts
 Online 

re: What percent of your Net Income goes to your mortgage?
quote:

I've seen a lot that you shouldn't exceed 36% of your gross income in debt.


What they'll approve and what you can actually afford are two different things. 25-30% max depending on other factors.
This post was edited on 5/8 at 3:01 pm


fightin tigers
Downtown Prairieville
Member since Mar 2008
46122 posts

re: What percent of your Net Income goes to your mortgage?
9-10%. Not counting taxes and other escrow.


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511
TheCaterpillar
LSU Fan
Member since Jan 2004
70814 posts
 Online 

re: What percent of your Net Income goes to your mortgage?
17% of our net take home each month goes to mortgage...

Also have a car note, which brings it 24%...
This post was edited on 5/8 at 3:03 pm


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14
Tyga Woods
Vanderbilt Fan
South Central Jupiter Island, FL
Member since Sep 2016
8339 posts
 Online 

re: What percent of your Net Income goes to your mortgage?
Ours was 15-20%. We made double payments most of the time and paid it off early


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72
Chad504boy
New Orleans Saints Fan
Member since Feb 2005
132754 posts
 Online 

re: What percent of your Net Income goes to your mortgage?
47%


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71
MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
11464 posts
 Online 

re: What percent of your Net Income goes to your mortgage?
16%. No other debt


Rando
USA Fan
When IPs were Visible
Member since Apr 2015
15525 posts

re: What percent of your Net Income goes to your mortgage?
0

But it will be 32% of gross in the next few months.

That's on paper. I make 1500ish a month in cash hustling that will pay the mortgage.


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013
weagle99
Valparaiso Fan
Member since Nov 2011
30919 posts

re: What percent of your Net Income goes to your mortgage?
350%


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25
LSUintheNW
LSU Fan
Here and there
Member since Aug 2009
30267 posts

re: What percent of your Net Income goes to your mortgage?
OT Ballers pay straight cash.

Sounds like a thread for the poor and trashy board.


LSUBoo
Houston Astros Fan
None. None More Black.
Member since Mar 2006
78975 posts

re: What percent of your Net Income goes to your mortgage?
Before my wife's new job it was about 20% of our net income going to the mortgage. Now it's probably 15% or so.


The Pirate King
Texas Tech Fan
Pangu
Member since May 2014
30453 posts

re: What percent of your Net Income goes to your mortgage?
Gross or net?

After all the deductions it’s like 20%


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15
yellowfin
Chicago Cubs Fan
Coastal Bar
Member since May 2006
92352 posts

re: What percent of your Net Income goes to your mortgage?
About 14%


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