Post # 1
Hubby and I put an offer in on a house this past weekend and he’s worried about the mortgage. When I calculate our home expenses into our income it comes out to about 31% which I think is reasonable. What’s the breakdown of your mortgage to income?
Post # 3
@SoCalLove: Mortgage is 24%, but that goes up to 28% when we factor in our HOA fees.
Post # 4
@LiliKitty: Is that including the property tax?
Post # 5
@SoCalLove: Yes, tax and insurance are escrowed.
Post # 6
16% for us. We had about 50% downpayment so our mortgage is quite low.
Post # 7
- Wedding: August 2013 - Rocky Mountains USA
Including bills and everything? Or just the mortgage/property tax?
Our mortgage is approximately ~12% of our net income. We don’t make a ton of money but we do have a fairly inexpensive little house. I’d be a little wary of spending a third of our income on our mortgage, so I can see where your husband is coming from. Then again, we’re in a “save save save!!!!!!” mindset.
ETA: Also, my husband was still in school finishing up his second degree when we bought the house, so our financing was based on my income alone. We wanted something we could easily afford on one income, just to be safe while he wasn’t working and to be able to build up savings when he did get a job.
Post # 8
@SoCalLove: Ours is less than 25%.
Post # 9
Ours is about 23%, including insurance and taxes.
Post # 10
- Wedding: June 2014 - Excalibur
Only my name is on the house and only I pay the mortgage. 30% of my take home pay.
Post # 11
@SoCalLove: Mortgage, ins, taxes, all that is ~23% of ours. We budget for ~30% for everything house related. Electricity, utilities, internet, cable, plus some for unexpected expenses.
ETA: These percentages are based off our net take home pay.
Post # 12
@SoCalLove: About 25% for us based on salaries alone. DH is in sales so depending on commission it is typically a lot less.
Post # 13
Less than 20%. It’s extremely reasonable.
Post # 14
You might also ask how many years they have on their mortgages. Most people, today, get 30 year fixed but I’d be more impressed if people have 15 year fixed and their payments are still around 25% of their income. Just a few thoughts…
Post # 15
@SoCalLove: Ours is very high since we are both students and work part time. Mortgage is about 40% of our income.
I WANT A REAL JOB!
Post # 16
31% of our take home pay.