beansprouts Posted December 5, 2008 Share Posted December 5, 2008 (edited) Our mortgage (with taxes, etc.,) is 20% on a four week month. Many months we pay more. It is nice to know that even if money gets tight we aren't in danger of losing our home. Edited December 5, 2008 by beansprouts Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted December 5, 2008 Share Posted December 5, 2008 19% (PITI) Quote Link to comment Share on other sites More sharing options...
Sparkle Posted December 5, 2008 Share Posted December 5, 2008 21% here. Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted December 5, 2008 Share Posted December 5, 2008 Meant to add this is on a 15y loan. Quote Link to comment Share on other sites More sharing options...
cricket1178 Posted December 5, 2008 Share Posted December 5, 2008 Ours is 31%, but we have a lower house payment than most people we know in our area. Our house is not large or elaborate. My husband makes a modest income, though. We have looked at down sizing, but after much research have found that we are probably not going to gain anything in this market. Houses that arn't what ours is (again ours is modest) are selling for more than we pay for this one. Looks like we'll be in this position for a while longer. Quote Link to comment Share on other sites More sharing options...
Parrothead Posted December 5, 2008 Share Posted December 5, 2008 Currently it is 25%, but we are making a rent and a mortgage payment. If we only had to pay one, it would be half of the 25% Quote Link to comment Share on other sites More sharing options...
charlotteb Posted December 5, 2008 Share Posted December 5, 2008 Ours is 24%, but it hasn't always been that easy. DH has gotten several raises over the years. When we first bought the house, it was about 1/3 of our income. Quote Link to comment Share on other sites More sharing options...
Tammyla Posted December 5, 2008 Share Posted December 5, 2008 We've been paying extra via a mortgage twice monthly mortgage accelerator program. Our actual monthly loan amount is 22%, but our current twice monthly payments are 28%. We have the option to make our original loan payments, but would rather save the $ and pay off years early. Quote Link to comment Share on other sites More sharing options...
Tap Posted December 5, 2008 Share Posted December 5, 2008 20% on a 15yr loan incl taxes, insurance, and mtg. Quote Link to comment Share on other sites More sharing options...
StaceyinLA Posted December 5, 2008 Share Posted December 5, 2008 right now that includes our second mortgage as well, which will be paid off in a few years. Our first mortgage payment (with taxes & insurance) is under 1/6th of our take-home pay. Of course, we gutted our house and re-did the entire thing when we purchased it which is why our second mortgage is fairly high. Our equity is still nearly $100,000 more than the payoff of the 2 mortgages combined. Quote Link to comment Share on other sites More sharing options...
mazakaal Posted December 5, 2008 Share Posted December 5, 2008 I used to work for a bank in the mortgage loan dept. This was nearly 20 years ago. (Yikes!) I don't know if things have changed, but back then a person's mortgage/homeowners/etc (but not utilities) was not supposed to exceed 27% of their net income. All debts (mortgage, car loans, credit cards, student loans, etc) shouldn't exceed 33%. Quote Link to comment Share on other sites More sharing options...
Marie in Oh Posted December 5, 2008 Share Posted December 5, 2008 That is mortgage, taxes and insurance. We have a tiny HELOC that we will have paid off in the spring. If you add in the minumum payment of that (we never pay the minimum-- more like 10 X the min), it wouldn't even bump it to 18%. I am so glad we didn't over extend and build when we got here. Our plan was to spend about 100K more, but it never worked out and this place came on the market. We are very happy. Quote Link to comment Share on other sites More sharing options...
Kay in Cal Posted December 5, 2008 Share Posted December 5, 2008 I think it is a regional thing... I'm close to Michelle here in So Cal, we rent, and our rent is over 50% of my take home. If we wanted it to be 20%, we could maybe live in a cardboard box under an overpass somewhere. Quote Link to comment Share on other sites More sharing options...
tmkclscroggins Posted December 5, 2008 Share Posted December 5, 2008 Ours is right about 10%. This includes mortgage, taxes and insurance. We got a great deal on our house! melissa Quote Link to comment Share on other sites More sharing options...
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