Post # 1
My fiancé and I are starting the home search again. We currently own but are relocating for work. Our current monthly mortgage amount is ~$800 (live in the midwest), but we bought this home as college students and can afford more now.
Out of curiosity’s sake, what percentage/amount of your monthly post-tax pay is allocated to your mortgage? Thanks!
Post # 2
I bought my home from the bank and paid cash so I don’t have a mortgag but a good general rule is 30% of your income to pay the mortgag,tax and insurance.
Post # 3
We’re a little less than 25% of our monthly income.
Post # 4
28% of our take home pay (after 401k,health, car, and home owners insurnace too since that gets taken out before we see our check). I think just % is a pretty bad way of figuring out affordability though. I think amount of money left over after the mortgage payment is more important.
For example, if person A takes home 10k/month and spends even 50% on housing, they still have 5k left over which goes a long way. But say person B takes home 5k, and “only” spends 25%, they only have $3750 left over and is sort of worse off than the person that spends “more” on housing.
To figure out “real” affordability imo, I would start with bills, then decide how much you want to save or your comfort level of spare cash, and then see what’s left over for a comfortable mortgage payment.
Post # 5
Our mortgage, including taxes and insurance is around 28% of our income.
Post # 6
When we purchased our home 1.5 years ago, our mortgage payment was about 30% of our take home pay (after tax, health care, retirement contributions–401k and state pension). Our jobs have changed significantly though and now it is 22% of our take home pay, even with our refinance to a 20 year mortgage.
Post # 7
Currently about 12% (after deducting for 401k, health insurance and investments) but are saving for a bigger place where we expect to be around 25%.
Post # 8
We are one income and our mortgage is about 20% post tax.
Post # 9
Mortgage, tax and insurance is 25% of our take home (after taxes, retirement and supplemental insurance)
Post # 10
- Wedding: May 2015 - St Peter\'s Church, East Maitland, and Bella Vista, Newcastle
Our mortgage comes out to about 15% of our pre-tax salaries (so probably about 25% of post-tax etc), but we whack more than that onto it to pay it off faster.
Post # 11
Ours is about 15% but we recently graduated university and have virtually 2 mortgage payments with our student loans. Once they’re paid we will likely buy something more expensive. A good guideline is 30-35% for all your housing expenses including maintenance, taxes, insurance and utilities.
Post # 12
- Wedding: April 2017 - Kaneohe, Hawaii
Around 10% but only because we have a rental property and that income goes towards our other mortgage
Post # 14
I just did the math and ours is 4% haha
Post # 15
Of post tax (FSA, and 401k) income mine is 42%, but I actually pay more and it becomes 53%, as I’m trying to paying to pay it off faster. Yes I am working class single mom. 🙂