What percentage of your income goes to your mortage. Lets say gross income.
Looking to buy and I am trying to figure out how much I wanna spend...
Looking to buy and I am trying to figure out how much I wanna spend...
Mortgage -vs- Income
- Thread starter jmvar
- Start date
I'd love to help you but I live in a mud hut that doesn't qualify for financing. I had to pay four goats and a baseball cap.
who is your mortgage broker? what rate did you get? or did you hand over the goats and hat all at the same time?
edit: re-read post, "doesn't quilify for financing". All at once huh?
edit: re-read post, "doesn't quilify for financing". All at once huh?
about 22%
It depends on what you are willing to spend and what other costs you have. Car loans, students loans, bike habits, hooker habits etc. You really have to figure it out yourself. My mortgage company approved me for a loan that was probably 50% higher than I could afford without living like a pauper.
Yes - and then we drank the bood of an ox to seal the deal.
I pretty much know what I want to spend, just seeing if I am being a cheap bastard or if it is in line with what everyone one else is spending.
Luckly I have no debt and no monthly payments of any kind besides a hospital bill that will be paid off any time now.
Judging on what I got approved for, If it were up to my mortgage broker i would live in a house with no furniture, lights, or heat, and scavange garbage cans for food every night...
finance it!!!!! it's the american way!!!!!
mortgae or mortgage & property taxes?
23% for the latter
edit:
I hear ya, I cant beleive how much $$ the bank is willing to loan me......there would be no way i could afford what they think I can afford
23% for the latter
edit:
I hear ya, I cant beleive how much $$ the bank is willing to loan me......there would be no way i could afford what they think I can afford
our (wife and I) current mortgage + prop tax + insurance payment is around 20% of our combined gross income. we have no CC debt but just took on a monthly payment for my new Outback wagon which I financed at 0% for 24mos so it's kinda a hefty payment 
never take out the amount that the mortgage people will let you take, their calculations are just crazy. and remember that if it's your first house you're most likely going to need a lot of furniture, a lot of tools for the house and around the property (lawn mowers..crap like that), and cash sitting around for when the water heater blows up and floods the basement
...oh, and did I mention a buttload of free time to run around and do "upkeep"?
never take out the amount that the mortgage people will let you take, their calculations are just crazy. and remember that if it's your first house you're most likely going to need a lot of furniture, a lot of tools for the house and around the property (lawn mowers..crap like that), and cash sitting around for when the water heater blows up and floods the basement
...oh, and did I mention a buttload of free time to run around and do "upkeep"?
With taxes and all...... around 30%
With taxes about 21%.
Before I refinanced, about 24%
With interest rates going up, I'm sure my next house will be a siginificantly higher percentage.
Before I refinanced, about 24%
With interest rates going up, I'm sure my next house will be a siginificantly higher percentage.
If interest rates go up there is a good chance that housing prices will go down. When I refinanced my house it was appraised at about 20% higher than when I bought it but interest rates were much higher then. I figured out that if I bought the house today at @5% interest my monthly payment would be exactly the same as when I bought it 4 years ago with an 8% mortgage.Originally posted by HedgeHog
With taxes about 21%.
Before I refinanced, about 24%
With interest rates going up, I'm sure my next house will be a siginificantly higher percentage.
same here
Currently: ~16% total mortgage, insurance, taxes
In 1 month: ~32% inclusive.
-S.S.-
In 1 month: ~32% inclusive.
-S.S.-
yeah and once he got comfortable with the payments he kicked out his roommate...a possum...
It also depends alot on if you have other debt payments. Such as multiple auto payment, credit cards, etc. Total payments as a % of income is probably a more important figure........
-S.S.-
With my current mortgage (the house I'm selling), about 11%
On the new, much larger house I'm building and about to close on, more like 28%
On the new, much larger house I'm building and about to close on, more like 28%
62% here...
Your statistics don't count
Just wanted to add this.
Banks are a bunch of blood sucking pigs. They make you go through hell to get a mortgage, so you can have the sh*t pimped out of you for the next 30 years. I'd love to just walk into a bank with a suitcase full of 300k and slam it on the desk and go HERE YA GO PIG. PAID IN FULL.
Knuckle
Banks are a bunch of blood sucking pigs. They make you go through hell to get a mortgage, so you can have the sh*t pimped out of you for the next 30 years. I'd love to just walk into a bank with a suitcase full of 300k and slam it on the desk and go HERE YA GO PIG. PAID IN FULL.
Knuckle
So don't patronize them. Keep your money in a mattress. When you buy a house, buy it on a land contract and pay the seller, not the bank.
Or save your money for 30 years and pay cash for a house.
Or buy a house you can afford to pay cash for now.
Money ain't free, I'm afraid to tell you. I know that *I* wouldn't lend money at the low interest rates the banks charge........
-S.S.-
Bastards.....making you pay intrest to borrow their money, how dare they!!!!
about 40% petrol price increased by 3 cents
petrol price increased by 3 cents 
I never sat down to figure it out, we have 1 1/3 mortgages (our house and a cabin in tahoe) no CC debt and owe only $6500 on our 2002 Denali, my 2001 Chevy truck is paid for.
My wife and I are paying on three mortgages. Altogether they take us for approx. 20%. I wanted to pay two of them off, but we're both putting 25% each into our individual 401k's to keep our overall income low. Plus the interest keeps me level at tax time.
Ours is closer to 30%, but we have no kids, and only one $200/m car payment and one $100/m student loan as our only other debt.
My mortgage + taxes is about 13% of my gross income although it's a 15 year mortgage and I add some additional principle to the payment each month.
My car payment about 1/2 of that (5 year).
I also put 15% into my 401k.
My g/f's mortgage is staggering... although she makes a few $ more than me, her mortgage is more than double mine. Plus she has a car payment equal or greater than than mine. Although she puts less into her 401k, I don't know how she does it.
My car payment about 1/2 of that (5 year).
I also put 15% into my 401k.
My g/f's mortgage is staggering... although she makes a few $ more than me, her mortgage is more than double mine. Plus she has a car payment equal or greater than than mine. Although she puts less into her 401k, I don't know how she does it.
giving life to this thread again, about 12% of our (wife and I) gross income. We are going through with purchasing another home as a rental. So, we will be footing close to 25% of our gross (assuming we don't get a rentor). Can be done, but it will be lean, with medical insurance, retirement, rainy day money. Basically, make sure the steed is tuned before we have to float 2 mortgages.
Mike
Mike
Cool - I am going to be a property manger myself in about 18 months or so. Ive decided to have my first house paid off first though due to the fact that I dont have a 2nd income in the house and who the heck knows when I could get laid off.
a few rules of thumb about paying off a house early.
1. Never pay off debt (mortgage) early if you can use that money to earn an higher rate of return than your mortgage... (Where can you guarantee more than 5% return these days? and how sad is it that I have to ask?
2. Dont pay your low interest rate off early if you are very sure of a continuous revenue (income) stream) >>> not these days..:angry: ..
3. The tax advantage is good! >>> My interest on my house will not exceed my personal exemption - in fact total interest paid on the house will only be about $3,000.
4. Whats it worth emotionally? >> one can choose to make certain sacrifices to have the sense of well being that can come with having a house to live in with no mortgage payments.