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re: What percent of your Net Income goes to your mortgage?
Posted on 5/8/19 at 11:00 pm to Not Cooper
Posted on 5/8/19 at 11:00 pm to Not Cooper
19%
We’re putting down an extra $200-300/mo too.
We’re putting down an extra $200-300/mo too.
Posted on 5/8/19 at 11:03 pm to Grievous Angel
quote:
Dave Ramsey changed my mind. He asked: "if you had your house paid off, would you take out a loan on it and invest it?" My answer was no.
Like use a HELOC to buy investments? That’s the only thing potentially attractive about paying off my house, personally.
Posted on 5/9/19 at 10:33 am to TheWiz
I don't feel like I'm prepared to manage millions in a portfolio, and don't really want to put in the time to learn it either.
I've been studying and learning shite for 15 years now and just want to work and enjoy the time I'm not working. If that means paying someone to run my shite, then I'll do that.
I think I got some good info though. I plan on living the same lifestyle I live now for ~5 years out. Max out a 401k each year, get great insurance (life and disability), and put the rest towards loans.
They should be paid off in 2-3 years doing that. Then hire a money guy to tell me what to do after that.
edit: I've also been studying nonstop for boards for the past 5 months, so maybe my tune will change once I'm not so burnt out on studying.
I've been studying and learning shite for 15 years now and just want to work and enjoy the time I'm not working. If that means paying someone to run my shite, then I'll do that.
I think I got some good info though. I plan on living the same lifestyle I live now for ~5 years out. Max out a 401k each year, get great insurance (life and disability), and put the rest towards loans.
They should be paid off in 2-3 years doing that. Then hire a money guy to tell me what to do after that.
edit: I've also been studying nonstop for boards for the past 5 months, so maybe my tune will change once I'm not so burnt out on studying.
This post was edited on 5/9/19 at 10:44 am
Posted on 5/9/19 at 10:35 am to Not Cooper
25% of my after tax, retirement, etc income
Posted on 5/9/19 at 12:13 pm to Not Cooper
Just did the math real quick. Total monthly mortgage payment including escrow is about 15% of our NET income.
Posted on 5/9/19 at 12:19 pm to Not Cooper
18.5% of my net. Note includes homeowners and taxes.
Posted on 5/9/19 at 12:43 pm to Not Cooper
13% counting taxes and escrow.
Posted on 5/9/19 at 2:24 pm to Not Cooper
quote:
Potential first time homebuyer here
Don't do it. Buying is almost always a sucker move. Unless rents are super high, it's always better to rent.
Look who gets the money and do the math. Only the banker scum get rich in this game. The whole mortgage system was put in place by them to keep us enslaved to those people.
Unless you are going to stay planted for 10+ years, renting is the way to go.
This post was edited on 5/9/19 at 2:25 pm
Posted on 5/9/19 at 3:02 pm to MojoGuyPan
quote:the landlord?? I’m not saying renting is bad but the break even time in the majority of places using reasonable comparisons between renting and buying is 5 years
Look who gets the money and do the math
Posted on 5/9/19 at 3:05 pm to Not Cooper
quote:
What percent of your Net Income goes to your mortgage?
22% of my AFTER TAX take home pay.
Posted on 5/9/19 at 3:10 pm to Not Cooper
I know this thread is old, but you should have asked for salary/household income too.
18% of $200k combined is way different than 25% of $90k.
18% of $200k combined is way different than 25% of $90k.
Posted on 5/9/19 at 4:05 pm to LSUintheNW
quote:
OT Ballers pay straight cash.
Sounds like a thread for the poor and trashy board
If you think this, then you're a poor.
Posted on 5/9/19 at 4:08 pm to Not Cooper
Today, 0.0. In the future probably 20%
Posted on 5/9/19 at 4:38 pm to MojoGuyPan
this is so stupid. I know nothing about money but even I know that buying a home is a great investment.
I bought my house 5 years ago for 185k. It's now estimated at 250k.
I bought my house 5 years ago for 185k. It's now estimated at 250k.
Posted on 5/9/19 at 5:48 pm to fallguy_1978
My mortgage is about 14% of my income
Posted on 5/9/19 at 6:06 pm to Not Cooper
Net income or gross? I think it is a differentiation here. Gross is about 7% of my income on a 15 year fixed. Net is about 19% but that is because we put a lot into retirement or deferred comp.
Posted on 5/9/19 at 7:15 pm to ithad2bme
quote:
Not when the bank will loan you money under 4%.
I’ve got 3.5% locked up for another 27 years. No ragrets. To OP, about 25% of net
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