What’s an affordable mortgage for you

[STX_Shooter]

I’m at 25%

[jcamp]

Thank you all for the comments. I believe we will be about 25 percent with the 19 acres included which i don’t feel is to bad.


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[jcamp]

Like someone has said. At that point i feel it’s an investment as much as it is a “house note”. Maybe that line if thinking is wrong


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[Lungbustr]

My dad told me alway buy a house as big as you can afford, because it is an investment. We could barely swing our house payment when we first built 12 years ago. Now we have increased our earning and it is paid off. Our $250k investment (house) is worth a least $600k now. Of course we have improved our investment over the year

Is it investment? How much do you profit off of your investment quarterly or yearly? Or what happens when you want to cash 8n on your investment, then you have nowhere to live.

Plus if you had a mortgage for 12 years you paid much more than 250k when you include all the interest you have paid.

It's really a liability, not an investment. Just a place to live. Then anything larger than you need also results in additional property taxes.

I guess a good way to think about it is a paid off home is a good investment in your future. Not necessarily an investment though.

[Quackerbox]

We are at around 16% of take home for mortgage, tax, and insurance. To me that feels like too much.

In about that. 25% of my monthly income is about all my bills combined (without my wifes income). We've been in our house 16 years and fortunately my take home has almost doubled. Those reasons are why I'm a month from being debt free and considering building a second/retirement home at 42

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[Boyd1212]

With just me working the house is around 35% of my bring home. I also have no other payments other than utilities. Wife just started working again and now that brings us back down to 28%. We are plenty comfortable around there. 25% of my total income goes into savings and we live on the rest.

[WalkieTalkie]

Heck with all that. Lol

[Huntingfool]

I will add this comment - even if you own your home you are never truly "debt free" - your debt is to the insurance company and the local property tax office - You may own it all free and clear but you still have debt to pay each and every year. Same goes for the IRS - we are all
"in debt" to them each and every year.

Also if you have no debt on your home, cars, credit cards that is great - however your future medical and long term care cost can be significant. So having an emergency fund/savings is critical throughout your life IMO

[Acameron52]

Around 15%.

[Jon B]

I am by no means an expert but I would do everything in my power to keep it under 25% and plan to have it paid off in less than 20 years. 15 years is better just not always feasible. I paid 3 years on my 30 year note before I re-fied into a 15 year. It sucks to think i could be over a 1/3 done by now.

[Bowtech32]

Is it investment? How much do you profit off of your investment quarterly or yearly? Or what happens when you want to cash 8n on your investment, then you have nowhere to live.

Plus if you had a mortgage for 12 years you paid much more than 250k when you include all the interest you have paid.

It's really a liability, not an investment. Just a place to live. Then anything larger than you need also results in additional property taxes.

I guess a good way to think about it is a paid off home is a good investment in your future. Not necessarily an investment though.

I see your point, but it is real estate. 20 years the price will double, that is what it has been historically. So try renting and see how that works out for you 20 years from now.... the cost of rent is insane...

[skinsfan]

I’m at 5% gross. I could never come up with a 14.6% net without doing some research.


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Your mortgage is only 5% of your gross pay? That is amazing.

[skinsfan]

You guys are the exception, I can guarantee you that the vast majority of Americans spend much more than 25% of their take-home pay on the mortgage. I agree that it depends on your circumstances, if you have no other debt other than your home you are in a much better position to spend more on a home than someone who has two $800 car payments.

Using rough numbers someone would have to make 160+ a year to be able to afford a $200,000 home on a 15 year note.

[Black Ice]

What’s an affordable mortgage for you

Your mortgage is only 5% of your gross pay? That is amazing.

Yes. I bought my house at about 10% of gross and income has doubled in the last 7 years.


I’m about to build a new house so it’s going to go back up to about 8 or 9% again.

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[skinsfan]

Yes. I bought my house at about 10% of gross and income has doubled in the last 7 years.


I’m about to build a new house so it’s going to go back up to about 8 or 9% again.

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Wow, you have done well!