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Posted: 1/16/2015 2:23:39 PM EDT
[#1]
Quoted:
Just closed on my first house, Mortgage payment will be 1/3rd of monthly after tax income. Should I pepper my angus, or is that normal? 20% and I consider that to be too much. |
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Posted: 1/16/2015 2:23:57 PM EDT
[#2]
About 16%.
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Posted: 1/16/2015 2:25:55 PM EDT
[#3]
Quote HistoryQuoted:
20% and I consider that to be too much. Quote HistoryQuoted:
Quoted:
Just closed on my first house, Mortgage payment will be 1/3rd of monthly after tax income. Should I pepper my angus, or is that normal? 20% and I consider that to be too much. I should clarify that the 1/3rd includes taxes and insurance. |
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Posted: 1/16/2015 2:25:56 PM EDT
[#4]
20%. That includes property tax, insurance and pmi. Without the extras, it's about 15%
30% is not horrible. But big home repair bills will suck. |
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Posted: 1/16/2015 2:27:14 PM EDT
[#5]
Mine is about 27% and its working for me so far.
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Posted: 1/16/2015 2:27:28 PM EDT
[#6]
About a third of available post tax income , but that's only because child support is in play right now.
When I stop paying child support in a year the percentage will drop significantly |
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Posted: 1/16/2015 2:28:19 PM EDT
[#7]
Quote HistoryQuoted:
I should clarify that the 1/3rd includes taxes and insurance. Quote HistoryQuoted:
Quoted:
Quoted:
Just closed on my first house, Mortgage payment will be 1/3rd of monthly after tax income. Should I pepper my angus, or is that normal? 20% and I consider that to be too much. I should clarify that the 1/3rd includes taxes and insurance. Then yes, I think that's just fine. I'm sure there will be plenty of assholes that chime in to lecture you about finances. Cause everyone here makes 500,000 a year and puts 90% towards savings and gold. |
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Posted: 1/16/2015 2:28:40 PM EDT
[#8]
I'm not worried at all, I have great disability insurance (costs me $500/month) and no kids. My wife doesn't work but is starting next week so that will add income. I am more concerned about having as much money as I do now to buy "fun" stuff.
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Posted: 1/16/2015 2:28:53 PM EDT
[#9]
31% It's a little too high for my liking.
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Posted: 1/16/2015 2:29:14 PM EDT
[#10]
About 23% but that is on a 15 year mortgage.
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Posted: 1/16/2015 2:29:37 PM EDT
[#11]
1300 a year.
Posted Via AR15.Com Mobile |
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Posted: 1/16/2015 2:30:13 PM EDT
[#12]
Less than a 1/4 of my pay. But my wife makes more than I do. I picked well.
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Posted: 1/16/2015 2:30:24 PM EDT
[#13]
Quote HistoryQuoted:
1300 a year. Posted Via AR15.Com Mobile LOL try more than double that a month... |
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Posted: 1/16/2015 2:30:38 PM EDT
[#14]
$0, house is paid for.
That will change in a few years when we decide to upgrade. Current house was a bargain fixer upper that will never be real nice. On the other hand it's livable and paid for. Hopefully it will allow us to save and make the next house more affordable. |
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Posted: 1/16/2015 2:30:48 PM EDT
[#15]
just mortgage, not counting PMI and taxes/insurance.
about 17% |
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Posted: 1/16/2015 2:31:52 PM EDT
[#16]
Glad nobody has told me I'm screwed yet. Looking forward to the day when my student loans are not more than my mortgage payment...
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Posted: 1/16/2015 2:32:38 PM EDT
[#17]
House is paid off now but when I had a mortgage it was about 7%.
We don't live in a shack but we bought a hell of a lot less of a house than we could qualify for. We wanted to own the house and not have it own us. I couldn't be happier with my choice. Only wish was that I had more land. Lots of people go up to 50% but I think they are nuts. One hiccup in life and they are fucked. Your 30% is more than I would sign up for but I don't think it automatically puts you in the danger zone. I would say I was extreme in my choice but around 20% would be a good recommendation. |
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Posted: 1/16/2015 2:32:39 PM EDT
[#18]
I'm retired now but when I was working my house PITA (Principal,Interest,Taxes, and Insurance) was 17% of my after tax income.
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Posted: 1/16/2015 2:32:48 PM EDT
[#19]
Mine was about 30% of my income, but did not include my wife and was a 15 year note. I don't own a house anymore tho.
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Posted: 1/16/2015 2:34:15 PM EDT
[#20]
Percentage is meaningless. My take home is about 12k/month, mortgage is 2.3k, ~20% may sound high but I'm by no means overstretched.
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Posted: 1/16/2015 2:34:24 PM EDT
[#21]
Quote HistoryQuoted:
Glad nobody has told me I'm screwed yet. Looking forward to the day when my student loans are not more than my mortgage payment... You aren't that screwed  . Here in CA if you even want to get into a starter home the average person is probably at like 50%
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Posted: 1/16/2015 2:36:42 PM EDT
[#22]
About 35%.
Only got a couple more years left. |
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Posted: 1/16/2015 2:38:50 PM EDT
[#23]
50%, but I bought with the intention of having roommates. still wish I bought a cheap condo instead, bought June 2013 and it would have been paid for by now, roommates or not...
edit: 50% is tight, I dont make a lot of money either. but it by no means makes me feel uncomfortable. I paid the bills for a year by myself (got pissed and kicked my roommate out) and got ahead on my mortgage 4 months (my way of building a safety net), and have ~ 8 months income in savings. but im single with no kids. I can still eat out all I want, buy guns, buy tools, go on vacation, etc... |
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Posted: 1/16/2015 2:39:12 PM EDT
[#24]
PITI is about 12%
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Posted: 1/16/2015 2:41:31 PM EDT
[#25]
About 19%. Includes mortgage, taxes, insurance.
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Posted: 1/16/2015 2:41:45 PM EDT
[#26]
Quote HistoryQuoted:
Percentage is meaningless. My take home is about 12k/month, mortgage is 2.3k, ~20% may sound high but I'm by no means overstretched. I agree that if you have a large income, then you can afford to increase that % because things like food, gas etc. will be the same as someone who makes less, but it is still an important consideration as a ball park figure when considering how much house you can afford. In fact that is how the bank calculates how much they will lend to you. |
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Posted: 1/16/2015 2:42:54 PM EDT
[#27]
Edited.
Wait ..... I take it back. I didn't include property taxes. Stand by .... P&I and property taxes - 30% A little over the 25% that, according to financial advice that was given to me many moons ago, is generally regarded as a practical percentage. |
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Posted: 1/16/2015 2:44:32 PM EDT
[#28]
0.14181182%
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Posted: 1/16/2015 2:45:43 PM EDT
[#29]
About a quarter, but then there's $400 in HoA fees and utilities.
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Posted: 1/16/2015 2:45:50 PM EDT
[#30]
Just the mortgage, 20%. Add in taxes and escrow it jumps to about 45%.
Yes, my taxes are more than my mortgage right now. Fuck Illinois. I go in for a hearing to contest them at the end of the month. My angus will be peppered for that. That isn't counting the soon to be wifes income, which helps out tremendously. |
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Posted: 1/16/2015 2:47:00 PM EDT
[#31]
about 25% if you include property tax and homeowners insurance.
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Posted: 1/16/2015 2:47:14 PM EDT
[#32]
~20% when we bought it.
~28% now. 
Get the point? |
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Posted: 1/16/2015 2:48:18 PM EDT
[#33]
About 22% for loan, taxes, and insurance. We're okay with that. We were paying almost 40% at one point, and that was very tight. We managed, but it wasn't fun. We were close to selling the house and downsizing. Luckily things got better.
Once my wife graduates nursing school and starts working, it should drop to 12-15%. Then I'll be very happy.  |
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Posted: 1/16/2015 2:49:56 PM EDT
[#34]
Quote HistoryQuoted:
I'm not worried at all, I have great disability insurance (costs me $500/month) and no kids. My wife doesn't work but is starting next week so that will add income. I am more concerned about having as much money as I do now to buy "fun" stuff.  if you have half a brain you'll start a contingency fund to replace the water heater (hot water heater for GD), re-roof the house at some point, etc., etc., etc. My daughter just bought her first home and I'm starting to feel like Norm on This Old House.
To answer your question, zero. |
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Posted: 1/16/2015 2:50:57 PM EDT
[#35]
27%
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Posted: 1/16/2015 2:51:15 PM EDT
[#36]
Mine - including taxes/insurance - is just under 1/3rd of my take home pay after taxes, insurances, retirement, etc. At times I feel it is too high, but we will have two incomes in a few more years so I think we're ok.
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Posted: 1/16/2015 2:51:41 PM EDT
[#37]
You can hope that percentage will look better as your income goes up, and the principal+interest payment stays the same.
Unfortunately, taxes and insurance will go up too... 
The good news, it's much better in the long run (financially and lifestyle-wise) than renting a similar house. Be sure to increase your "emergency fund" to cover X months of mortgage payments, where X is inversely proportional to your job stability
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Posted: 1/16/2015 2:51:56 PM EDT
[#38]
~25%
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Posted: 1/16/2015 2:52:33 PM EDT
[#39]
1/3 of just my salary ( not including wifes). That also includes paying extra principle every month to pay it off quicker.
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Posted: 1/16/2015 2:52:41 PM EDT
[#40]
Almost 10% exactly last year. Weird since my income varies.
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Posted: 1/16/2015 2:53:00 PM EDT
[#41]
Mortgage/Taxes/Insurance is 25% of Net Pay.
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Posted: 1/16/2015 2:53:37 PM EDT
[#42]
17.5% goes to my mortgage, taxes, insurance.
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Posted: 1/16/2015 2:53:48 PM EDT
[#43]
Quote HistoryQuoted:
Just the mortgage, 20%. Add in taxes and escrow it jumps to about 45%. Yes, my taxes are more than my mortgage right now. Fuck Illinois. I go in for a hearing to contest them at the end of the month. My angus will be peppered for that. That isn't counting the soon to be wifes income, which helps out tremendously. Good lawd!! Move to another state aready.
I hope the hearing goes well. TAXES are almost the same as your mortgage payment
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Posted: 1/16/2015 2:54:28 PM EDT
[#44]
Quote HistoryQuoted:
I should clarify that the 1/3rd includes taxes and insurance. Quote HistoryQuoted:
Quoted:
Quoted:
Just closed on my first house, Mortgage payment will be 1/3rd of monthly after tax income. Should I pepper my angus, or is that normal? 20% and I consider that to be too much. I should clarify that the 1/3rd includes taxes and insurance. Including escrow makes it not AS bad. |
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Posted: 1/16/2015 2:55:15 PM EDT
[#45]
Quoted:
Just closed on my first house, Mortgage payment will be 1/3rd of monthly after tax income. Should I pepper my angus, or is that normal? ETA: That includes taxes and insurance. Back in the day, 20-25% of your pre-tax income was the bar for measuring what you could/could not afford. Mine is about 22% of my post-tax income. |
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Posted: 1/16/2015 2:56:03 PM EDT
[#46]
All in payment each month...about 29% (fuck...)
For mortgage 1. Mortgage 2 (which is rented...) brings it up obviously. Right over 50%  |
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Posted: 1/16/2015 2:56:49 PM EDT
[#47]
Im at 28% for everything .
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Posted: 1/16/2015 2:56:50 PM EDT
[#48]
20% 20 year note. |
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Posted: 1/16/2015 2:59:32 PM EDT
[#49]
Quote HistoryQuoted:
~25% |
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Posted: 1/16/2015 3:00:02 PM EDT
[#50]
Quote HistoryQuoted:
Good lawd!! Move to another state aready.
I hope the hearing goes well. TAXES are almost the same as your mortgage payment Quote HistoryQuoted:
Quoted:
Just the mortgage, 20%. Add in taxes and escrow it jumps to about 45%. Yes, my taxes are more than my mortgage right now. Fuck Illinois. I go in for a hearing to contest them at the end of the month. My angus will be peppered for that. That isn't counting the soon to be wifes income, which helps out tremendously. Good lawd!! Move to another state aready.
I hope the hearing goes well. TAXES are almost the same as your mortgage payment Just looked at my bill from last month, $630 for taxes and insurance, $510 for P&I. I have a solid job here as a UPS driver. 25 years until I'm 55 and retire.
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