(Closed) Mortgages and Net Salary

posted 8 years ago in Home
  • poll: Our mortgage is this much of our *net* income










  • Post # 17
    4693 posts
    Honey bee
    • Wedding: October 2013

    View original reply
    @pinkshoes:  This is true, my salary is about 33k a year so more than 25% of my income going towards that house would be very tight.

    Post # 18
    1659 posts
    Bumble bee
    • Wedding: July 2012

    30% exactly – the mortgage is definitely comfortable, but it’ll be a piece of cake when we aren’t paying $1250/month for daycare 🙂

    Post # 19
    15082 posts
    Honey Beekeeper
    • Wedding: June 2011

    View original reply
    @AB Bride:  I thought banks approve you based on gross income minus debts.  I dont think they factor in if people do or should set aside anything for retirement.

    Post # 21
    9950 posts
    Buzzing Beekeeper
    • Wedding: December 2012

    Hi All,

    Found this on-line and it gives one an “idea” of how to budget various costs per month / year… bearing in mind that no 2 people / families are going to be 100% like one another… just that this represents a National Average from a US Survey done by the US Bureau of Labor Statistics (2003) Consumer Expenditures

    * Food at home 7.7%

    * Food away from home 5.4%

    * Alcoholic Beverages 1.0%

    TOTAL FOOD & DRINK = 14.1%

    * Vehicles 9.1%

    * Gasoline and Motor Oil 3.3%

    * Other transportation 6.7%


    * Housing 32.9%

    * Apparel and services 4.0%

    * Healthcare 5.9%

    * Entertainment 5.0%

    * Personal Care Products & Services 1.3%

    * Reading 0.3%

    * Education 1.9%

    * Tobacco Products & Smoking Supplies 0.7%

    * Miscellaneous 1.5%

    * Cash Contributions 3.4%

    * Personal Insurance & Pensions 9.9%

    As I said, this isn’t perhaps the “ideal” for everyone… just how the majority of folks spend the money they have.

    Better still for PLANNING A BUDGET, might be this article = http://www.accelservices.org/members/resources/calculators/budget-percent-calc.htm which has also has an accounting percentage plan for both Savings & Debt Load

    Hope this helps,


    Post # 22
    2491 posts
    Buzzing bee
    • Wedding: July 2012

    We’re in the process of looking, but we are expecting to pay, at the top, no more than 25 % of our net income on mortgage payments.

    Post # 23
    5009 posts
    Bee Keeper
    • Wedding: April 2012

    Our mortgage is 12% of our combined net salaries so well under 28%. We wanted a mortgage that we could easily afford.

    Post # 24
    7309 posts
    Busy Beekeeper
    • Wedding: October 2011 - Bed & Breakfast

    Our mortgage is 19-20% of our take home pay, which is the $$ left after retirement, health/dental/vision insurance, and charitable conbtributions have been deducted from our paychecks (in addition to the typical tax and social seciurity deductions). We chose a mortgage amount that we could afford on the lesser of our 2 salaries so that we can save, invest in making the house what we want it to be, and pay for teen LK’s college tuition in 4 years. Our total debt payments (mortgage and car loans) are 24-25% of our take home pay.

    Post # 25
    1934 posts
    Buzzing bee
    • Wedding: August 2012

    Mine is literally 50% of our take home pay, mostly because of the 12k a year property taxes.  Kill me now.  It is tight, but it’s a forever home.  

    When I bought the home, I was married to someone who made more than I do.  My DH now makes waaaaaaaaaaaaaaaaaaaaaaaaay less than me, so it’s really difficult.  But not impossible. 

    Post # 26
    9966 posts
    Buzzing Beekeeper
    • Wedding: September 2012

    I had to vote the lowest option but my mortgage is around 22% of my net income.  Not including FI’s income, because the house was mine before we met.  After we get married I’m adding him to the deed, though.

    Post # 27
    329 posts
    Helper bee
    • Wedding: November 1999

    Our mortgage, property tax, and homeowner’s insurance is 21% of our net income.  We are comfortable paying it each month and are starting to look into adding on to our home.  This part makes me nervous…we’ve watched a few too many episodes of Holmes on Homes I think.

    Post # 28
    842 posts
    Busy bee
    • Wedding: May 2012

    Our costs, including mortgage, taxes, insurance and condo fees = 20% of our net income.  We feel comfortable paying it, I had actually bought it on my own when I was single. 

    Post # 29
    684 posts
    Busy bee
    • Wedding: February 2010

    It’s about 25% of our combined net, we got a small house so we would be comfortable paying it off. We wanted to have lots of rooms for our lifestyle. I didn’t want to be mortgage poor and not be able to travel or dine out. It didn’t make sense to me to drop all of our hobbies just so we can spend remainder of our youth paying for the house. After about 3 years, we are now thinking of downsizing to even a smaller house or a condo that would be even less %. There is just too much stuff starting to accumulate and we don’t want any of it 🙂

    Post # 30
    911 posts
    Busy bee
    • Wedding: June 2012

    17% of our income, but we own two homes and one is currently being rented. Hoping our curent house will be our forever house, I don’t want to work to pay my mortgage! Learning to not keep up w/Jones’s and to help those less fortunate.

    Our home will also be paid off in 10 years.

    Post # 31
    1061 posts
    Bumble bee
    • Wedding: December 2011

    Our rent is about 20% and we are looking at houses that are a comparable %.

    We have a lot of student loans though, so we can’t afford much more.

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