(Closed) Mortgages and Net Salary

posted 8 years ago in Home
  • poll: Our mortgage is this much of our *net* income
    28-29% : (66 votes)
    65 %
    30-31% : (6 votes)
    6 %
    32-33% : (5 votes)
    5 %
    34-35% : (4 votes)
    4 %
    36-37% : (2 votes)
    2 %
    38-39% : (3 votes)
    3 %
    40-41% : (3 votes)
    3 %
    42-43% : (0 votes)
    44-45% : (4 votes)
    4 %
  • Post # 47
    Member
    81 posts
    Worker bee
    • Wedding: October 2012

    Fiance bought the house 3 years ago when banks desperate to find buyers formany of the forclosures… he paid hardly anything down so even though the mortgage itself is not too bad, the FHA and mortgage insurance nearly double the monthly payment pushing it up close to 70%. money is tight, but once we get married we’ll either refinance and put some of my savings down to get it out of the FHA or we might be moving for a possible promotion. 

    Post # 48
    Member
    424 posts
    Helper bee
    • Wedding: May 2013

    I voted 38% but that’s just my income, not FI’s (who is also on the mortgage), because we just wanted to consider my income when budgeting.  I also give a hefty amount to 401(k) and I’m on a 20 year mortgage.  If I would have done a 30 year and not contribute to 401(k), it’d be 25%.

    Post # 49
    Member
    6114 posts
    Bee Keeper
    • Wedding: August 2012

    Our mortgage is 23.8% of our take home salaries.  It’s about 11% of our gross salaries, but we contribute lots to our pre- and post-tax retirement accounts, so our net drops after retirements contributions.

    Post # 50
    Member
    363 posts
    Helper bee
    • Wedding: April 2013

    About 23% of net. When taxes are re-assessed it’ll go up to an absolute max of 29%. Things are ok.

    Post # 51
    Member
    1396 posts
    Bumble bee

    Ours is about 15% of our net income. Factor in our association dues though, and it’s 23%. Still affordable but those association dues do rankle.

    Post # 52
    Member
    8435 posts
    Bumble Beekeeper
    • Wedding: April 2013

    Ours is about 30% (mortgage, tax, and homeowner’s ins) of my FI’s income (I don’t work), however we don’t have much debt (no student loans, no car loans, etc).  Plus, he works less than 8 miles from our home, so transportation costs are at a minimum.  I guess it just comes down to where/how couples end up spending their money.

    Post # 53
    Member
    1091 posts
    Bumble bee
    • Wedding: October 2012

    We overpay by about $150 a month, and our total payment including taxes and insurance is about 21-22% of our net income.  That’s comfortable for us, we honestly could probably comfortably pay another $400 ish a month, although we would obviously prefer not to.  Our next house we’ll have to because we’re looking to move to a more expensive area with higher taxes and higher home values (and better school systems).

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