[POLL] - Do you have a Mortgage? How much is it?

Kelemvor

Lifer
May 23, 2002
16,930
7
81
I was told by a financial person that he recommend your mortgage not be more then 25% of your TAKE HOME pay. Just curious as to who has a mortgage (or rent) and what percentage it is...

This is straight mortgage and not including any utilities, bills, taxes, etc.

Mine is closer to 40% depending on the month since my wife has a commission job...
 
Feb 10, 2000
30,029
66
91
Mine is about 20%, including all escrowed amounts for taxes and insurance. I was making a lot less money when I bought my little house.
 

Tifababy

Senior member
Feb 5, 2001
654
1
81
Including my wife's income, ours is about 10%, but we just reamoratized our mortgage since we've been paying extra each month and my wife is quitting her job soon, so then it will be about 20% of my take home pay.
 

FoBoT

No Lifer
Apr 30, 2001
63,089
12
76
fobot.com
just under 25% if you don't count the property tax and homeowners insurance portion of the payment that are escrowed
 

mugs

Lifer
Apr 29, 2003
48,903
19
81
Currently in the process; mortgage will be right around 25% of take home pay the first year, maybe slightly higher. Another $8500 a year in property taxes sucks though.
 
Nov 7, 2000
16,404
3
81
it is about 20% of our combined takehome. we actually put in ~50% though... going to pay off our 2nd mortgage quickly. this includes property taxes.
 

vi edit

Elite Member
Super Moderator
Oct 28, 1999
62,195
7,572
126
25% of take home including taxes escrow. It's actually a much higher number than I would like. But the interest deduction sure made the Federal Tax bill a lot nicer.
 

DrVos

Golden Member
Jan 31, 2002
1,085
0
0
Originally posted by: FoBoT
just under 25% if you don't count the property tax and homeowners insurance portion of the payment that are escrowed
Same here. About a year and a half ago, the figure was closer to 35% and we could definitely feel the pinch. We are a long ways from being wealthy, but at least we are in a "comfortable" place right now.

Of course that % figure really depends on how much you are making. If you take in 10K a month, a 40% mortgage still leaves you $6,000 to play with. If you make $2,000 a month, then you have make to make $1,200 cover all your other costs....which can be tough.
 

Kelemvor

Lifer
May 23, 2002
16,930
7
81
Oh yeah, I forgot that our payment includes the property taxes...

We're more like 30% if I take that part out...
 

amdskip

Lifer
Jan 6, 2001
22,530
11
81
27% which is pretty good considering it's just me paying all the bills. Taxes are extra.
 

Dirigible

Diamond Member
Apr 26, 2006
5,952
19
81
When I bought it was more than 50% of my take home pay (including taxes and insurance). Still had enough to max out my 401k and pay off my big student loans early. That's life in the Bay Area, where houses are super-expensive.

Now that I earn more and am married, it's about 20% of our combined take home pay. Of course we're now looking into a bigger house with better schools, so the percentage is going to shoot up again. Because of that, we're saving for the new house. Including that savings, we're still putting more than 50% of take home pay into house-related budgetary buckets.
 

MikeyLSU

Platinum Member
Dec 21, 2005
2,747
0
71
about 22%, but that includes all taxes and fees and such. Was a higher % 3 years ago when we bought, but I have gotten a new job and my wife has gotten a couple of raises.
 

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
1
0
Originally posted by: mugs
Currently in the process; mortgage will be right around 25% of take home pay the first year, maybe slightly higher. Another $8500 a year in property taxes sucks though.
Move out of New Jersey?
 

IronWing

No Lifer
Jul 20, 2001
65,912
21,377
136
19% w/o tax and insurance
23% w/ tax and insurance

That was for 2007. Salary is variable so it can go up or down a few percent.

 

Jeff7

Lifer
Jan 4, 2001
41,599
18
81
>100%

Student w/work study job. Work study job pays about 90% of the rent. The rest comes from grants and loans. I've had a negative income for a few years now.
 

BurnItDwn

Lifer
Oct 10, 1999
25,926
1,415
126
Right now my mortgage is a LOT. (Around 80% of my take home pay)
I'm supposed to close on my townhouse sale on 3/3 though, which will drop me down to around 50% of my take home.
(I'm counting take home as gross - tax - insurance - 401K - auto debiting company stock purchase plan)

My GF lives with me and helps with bills, so I'm able to stay afloat.
 

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