Mortgage/rent vs salary

posted 2 years ago in Finances
Post # 46
851 posts
Busy bee
  • Wedding: September 2016

Just ran the numbers and our mortgage is 20% of our take home pay. It’s 12% of our gross. 

We actually only used my husbands income when qualifying for a mortgage though, in case I want to stay home with the kids one day. Based on his income alone, it’s 36 % of his net pay and 22 % of gross. 

I agree you should look at net pay after taxes, insurance, and retirement savings. 

Post # 47
554 posts
Busy bee

Ours is about 13% of our gross pay but that also includes our contribution to escrow to pay for property tax and home insurance .


Just the mortgage is only about 8%

Post # 48
499 posts
Helper bee
  • Wedding: October 2015

Our mortgage is about 21% of hubby’s net pay. It was a little higher than that when we bought the house and a little more than we wanted to spend, but we were competing in a seller’s market. Still, we used hubby’s income only when qualifying for the loan, because my income is more contract-based (adjunct teacher + freelance) and unpredictable. We wanted to make sure we could survive on his income alone after moving, since I was leaving my job. 

Since buying our house, hubby has gotten a raise, so we’re at that 21% of net on our mortgage, with includes escrew fees. So far it’s worked out well! I’ve also been working at a new college and have regained my freelance momentum. We live in a low cost of living area and don’t have kids, so we’re able to save money while doing minor projects on the house. 

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