(Closed) Monthly Mortgage Payment

posted 4 years ago in Finances
Post # 2
Member
474 posts
Helper bee
  • Wedding: September 2016

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.  

  • This reply was modified 3 years, 8 months ago by  msmistis.
Post # 3
Member
1727 posts
Bumble bee
  • Wedding: March 2014

We’re a little less than 25% of our monthly income. 

Post # 4
Member
14947 posts
Honey Beekeeper
  • Wedding: June 2011

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
Member
303 posts
Helper bee

Our mortgage, including taxes and insurance is around 28% of our income.

Post # 6
Member
4029 posts
Honey bee

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
Member
416 posts
Helper bee

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
Member
2805 posts
Sugar bee
  • Wedding: May 2016

We are one income and our mortgage is about 20% post tax.

Post # 9
Member
4014 posts
Honey bee
  • Wedding: October 2013

Mortgage, tax and insurance is 25% of our take home (after taxes, retirement and supplemental insurance)

Post # 10
Member
2707 posts
Sugar bee
  • 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
Member
59 posts
Worker bee
  • Wedding: May 2016

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
Member
359 posts
Helper bee
  • Wedding: April 2017 - Kaneohe, Hawaii

Around 10% but only because we have a rental property and that income goes towards our other mortgage 

Post # 13
Member
2699 posts
Sugar bee
  • Wedding: March 2015

25% of post tax income.

Post # 14
Member
1312 posts
Bumble bee

I just did the math and ours is 4% haha

Post # 15
Member
309 posts
Helper bee

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.  🙂

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