(Closed) Monthly Mortgage Payment

posted 4 years ago in Finances
Post # 31
Member
859 posts
Busy bee
  • Wedding: December 2016

Around 20% of monthly paychecks, not including overtime, bonuses, etc. Always go for less that you can afford. You’ll thank your self later! FWIW Dave Ramsey says your home should be no more than 25% of your take-home pay.

Post # 32
Member
1218 posts
Bumble bee
  • Wedding: October 2016

20% of take home monthly. Less if you include bonus/extra shifts but I don’t.

Post # 33
Member
528 posts
Busy bee

We’re in Florida and our mortgage (including escrowed property taxes, homeowners insurance, and wind coverage) comes out to 22% of our take home pay (after taxes, health insurance, retirement contributions, and HSA contributions).  That is only calculated on our base pay and does not include bonuses. 

Post # 34
Member
4767 posts
Honey bee
  • Wedding: November 1999

round 30%

Post # 35
Member
447 posts
Helper bee

Right now, ours is 14%. We got an amazing deal about $20,000 under budget!

Post # 36
Member
5956 posts
Bee Keeper
  • Wedding: May 2014

blissfullyinlove:  I think it’s about 30%. This includes insurance, taxes, PMI, and a special “MN will help you buy a house with this downpayment money” loan that we pay back.

Post # 37
Member
7310 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Our monthly payment (principal + interest + escrow for home owners insurance and taxes) is 20% of our monthly take home pay (pay that goes into the bank after deductions for health insurance, life insurance and 10% contribution to 401k).

We purchased a home that we could afford on the lesser of our 2 salaries. You never know when things could go wrong. It took us 18 months to find a house that we liked that fit our budget. Our lender said they would have no problem approving us for more than twice our budget. It was sooo tempting at times because we could have purchased a house that was already finished to our taste, and done so much more quickly, just by increasing our budget. But we chose to be patient and disciplined, and avoided the temptation to spend more than we wanted to.  

Post # 38
Member
997 posts
Busy bee
  • Wedding: May 2014

Our mortgage is 12% of our current gross income. Once I graduate (very soon) and can work full time instead of part time, it will be more like 7.5%. 

Post # 39
Member
209 posts
Helper bee

Our mortgage is about 20% of our takehome after taxes/401k/metro deductions/insurance.  It’s also about 12% of our monthly gross. Taxes suck.

 

Our finances are all borked right now anyway because we’re paying our mortgage and rent for the place we’re staying while we’re renovating the house. It’s grand- spending a ton of money and living in relative squalor.  Whatevs.

Post # 40
Member
7422 posts
Busy Beekeeper
  • Wedding: June 2013

Our required mortgage+tax+insurance was about 12% of our take home pay last year. We both received raises this year though so that percentage will decrease to about 10% for 2016. 

Our realtor kept trying to get us to look at higher priced homes just because we could afford it. However, we weren’t willing to rule out houses just because they were “too cheap.”

We wanted a house that we could still easily afford if one of us were to lose our job (we make almost the same yearly salary) and one we could apply extra payments towards. Last year I believe we paid an extra three months of our principal balance, this year it will hopefully be more (we bought the house last April).

Post # 41
Member
333 posts
Helper bee
  • Wedding: September 2012

It’s a bit pricey around the DC metro area so we’re at ~ 32% for monthly mortgage expenses.

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