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Message
What percent of your Net Income goes to your mortgage?
Posted on 5/8/19 at 2:57 pm
Posted on 5/8/19 at 2:57 pm
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.
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.
87
Posted on 5/8/19 at 2:58 pm to Not Cooper
tree fiddy
I'd suggest the money board
I'd suggest the money board
Posted on 5/8/19 at 2:58 pm to Not Cooper
One hunnit
Posted on 5/8/19 at 2:58 pm to Not Cooper
69%
$350k house
$350k house
Posted on 5/8/19 at 2:59 pm to Not Cooper
About 25% by spitballing.
Posted on 5/8/19 at 2:59 pm to Not Cooper
Just did a rough calculation and it was 16%.
Posted on 5/8/19 at 3:00 pm to Not Cooper
Around 14% of our net household income including escrow, insurance and everything
This post was edited on 5/8/19 at 3:14 pm
Posted on 5/8/19 at 3:00 pm to Not Cooper
About 30%...I'm single though, so I don't have a lot of additional expenses.
Posted on 5/8/19 at 3:00 pm to Not Cooper
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 5/8/19 at 3:01 pm
Posted on 5/8/19 at 3:01 pm to Not Cooper
9-10%. Not counting taxes and other escrow.
Posted on 5/8/19 at 3:01 pm to Not Cooper
17% of our net take home each month goes to mortgage...
Also have a car note, which brings it 24%...
Also have a car note, which brings it 24%...
This post was edited on 5/8/19 at 3:03 pm
Posted on 5/8/19 at 3:01 pm to Not Cooper
Ours was 15-20%. We made double payments most of the time and paid it off early
Posted on 5/8/19 at 3:02 pm to Not Cooper
16%. No other debt
Posted on 5/8/19 at 3:02 pm to Not Cooper
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.
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.
Posted on 5/8/19 at 3:02 pm to Not Cooper
350%
Posted on 5/8/19 at 3:02 pm to Not Cooper
OT Ballers pay straight cash.
Sounds like a thread for the poor and trashy board.
Sounds like a thread for the poor and trashy board.
Posted on 5/8/19 at 3:03 pm to Not Cooper
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.
Posted on 5/8/19 at 3:03 pm to Not Cooper
Gross or net?
After all the deductions it’s like 20%
After all the deductions it’s like 20%
Posted on 5/8/19 at 3:04 pm to Not Cooper
About 14%
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