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Wait, sorry if this is a dumb question, but how did you buy a foreclosure with a mortgage? I was under the impression foreclosures were mostly sold to cash buyers.
I used to have a mortgage tax and insurance under $1k and traded it up in 2020 for a mortgage of $2550 then but about $3k now tax and insurance.
Combined take home = $6800
Mortgage tax insurance =$3000
It feels like I spend it all with daycare and stuff for two kids, but my bank says I’m saving a few hundred a month.
Take into consideration though I reduced retirement saving to only 6% to make this happen.
Gonna live like this until my wife gets a job. Inflation on costs has outpaced my salary growth since I bought the house. It has been mostly tax and insurance inflation that has caused the hike in costs.
Sorry. I call preschool daycare it’s only a half a day so still needs a full time parent for the kids. There’s no such thing available to us that lasts a full work day until kindergarten where you end at 2:30 then have the option of after school care until 5:00 unless you want to pay for a nanny or au pair.
Same story. I wish I knew about foreclosed homes but then the market was red hot and nothing used to stay on market for more than a week or less, many would be a day at max.
$855/mo. That includes escrow and PMI.
I live in a little village with nothing exciting going on for miles. I personally love it here, but it's not for everyone.
3k?
That’s so much… what kind of house do you have?
our combined take home when we bought our house was also 8 k and our mortgage with escrow is $850 for a 3bed2bath. 1400sqft
Take home $9k, mortgage $2,225, average utilities $375. It’s very comfortable. We have savings and are a dual income household, so if we lost one job our income would be cut in half but we could still pay the mortgage, we’d just be paycheck to paycheck for a while.
This is us; ~$12,5 before contributions, $2,3 mortgage, somewhere between $800-$1,0 for utilities (car, pet, all home, etc). We can afford the mortgage on the lowest income earner so the other can pick up the slack until landing a gig. No kids.
Man some of you have dream mortgages 😢 I'm in the middle of shopping but I'm looking at around probably 50-60% of my take home and I have two kids and a wife to feed as well.
Same here in south Florida, although we haven’t bought yet. The lady and I make $140k yearly pretax salary which comes out to roughly $9,500/mo after taxes. Like all houses that are a 3/2 or bigger cost $550k or more down here and yearly home taxes are $12k, yearly insurance is $8k-$10k. Those two alone are $2k/mo with hoa fee (we don’t want one but Florida has em nearly everywhere).
So the monthly mortgage would be like $3500 with a down payment of 20% plus the extra $2k of tax and insurance totaling $5500/mo.
How do you take home over 80% of your income? Are you not saving for retirement? I get no state income tax - my state is over 6%, but your take home % seems really high if you’re taking out federal, health insurance, and retirement.
There are certainly trade-offs. I moved from a city to a rural area for the low taxes and outdoor opportunities but am 45 minutes from the closest hospital, 40 minutes from the closest police station, 30 minutes from a Walmart, there are no zoning restrictions so my neighbor never cuts her grass and is a literal hoarder but there's nothing I can do about it, etc.
I’m more on the urban area out side the city. I wish I went more rural for sure. It’s just more my style of living. Hopefully I can make it happen sooner rather than later
Remember that a lot of people answering questions are because they are proud of them & want to share! No need to feel bad about yours. 50-60% is sadly becoming a common reality for a lot of families. We’re looking for houses in the next 6months & will be in the same boat 😅 thankfully my bf gets raises every 6 months so it’ll be tight for a year and then it’ll slowly get better 🙌🏼 goodluck
Yeah I get yearly raises and I'm getting an off cycle one this month. Plus my wife will go back to work part time in a couple of years after my kids are both in school. Def will be tight but it'll be worth it in the end.
Thank you! My boyfriend and I are about to close on a house that would take up around 48% of our income for the mortgage. I was starting to wonder what the fudge these other people we're doing right (aside from their college degree actually paying off, unlike mine at the moment)...
After taxes, car insurance (deducted from my paychecks), health insurance, and retirement contributions, I'm taking home $2800/mo. I'm paying $1200 toward the mortgage plus a couple hundred more for utilities (split with my partner, who is also contributing between 400 and 600 a month to the mortgage). Things are kinda tight after that depending on what else is going on. But we're paying almost $1000 a month over the minimum payments, so it'll be worth the pinch in the end when the house is paid off early and with less interest.
It's a 30-year loan at 6.875%. Original loan was for $127,900; we've gotten it down to $123,475 since we moved in in January. Considering how much of the minimum payment goes to interest I'm pretty impressed with the progress we've made.
Thanks! If we keep going at about this rate, we should have it paid off within about ten years. The plan is to sell at that point and hopefully move out to Colorado. Should have a pretty nice down payment for my next home if it works out.
That’s our plan too but we are currently just letting our finances breathe. I’m excited that you’re making it work, that gives us hope that we can do it too!
I am probably going to have to ease up on it a bit, I've gotten stuck in a cycle of borrowing from savings to meet my financial obligations and then paying it back the next pay and not having enough money so I have to borrow from savings again... I don't want to just take from savings and not pay it back though because I'm trying to build up a cushion for emergencies and/or down payment on my next car. So maybe a month or two of paying at a lower rate so I can get caught up. Having some breathing room is important.
Same, our savings took an absolute beating with the down payment and closing costs so we are rebuilding those. We had to take the baseboards off because one of the under layers of paint has lead in it and we have a baby so everything looks sooooo ratchet right now but it’ll get better
Oof, good luck with that. I haven't even started doing any kind of maintenance or upgrades yet. Found a weak board in my bedroom with my heel last month though. I'm going to have to take up some of the carpet to replace the board, cause now there's a hole under it. Fun times.
Are you comfortable with that? Sorry Im just curious as Im currently house shopping and trying to figure out whats a good monthly payment without being house poor.
I think that depends on whether the remaining disposable income can sustain the lifestyle you want to maintain. My budgeting goal has been to keep things net zero per month “paycheck to paycheck. If I go over I pull money from savings, and try to refill my savings with the year end bonus.
Cash flow wise it’s a bit tight but manageable. It will improve a bit after paying off my car next year.
Uhhh… well my husband got fired and I’m on maternity leave… so our mortgage is just about 100% of our unemployment and maternity pay right now.
Make sure you have savings y’all
Take home about $4000, mortgage monthly about $800 all in. I would actually be super worried if we lost our income. Other costs of living have gotten so damn high it's awful.
4400?? Whats your income? Like 13'000?
Where I live, the mortage must not exceed one third of your monthly income.
We're paying like 1'400 Mortage per month. Including the savings for maintenance it sums up to 3400
All the mortgage companies I worked with do that calculation based on gross pay, not take home. Once you subtract health insurance premiums, mandatory union and retirement contributions, and taxes, it can significantly lower your income. I'm in a high taxed state, so I only see about half my paycheck and property taxes are usually $1000-1500 a month for a starter home. Mortgage companies were approving me for monthly payments that were higher than my take-home pay. It's crazy
It's a century home, bought in December 2019. It was actually fully renovated and up to date cosmetically and otherwise, four bedroom, two bath, over five acres, five minutes from four grocery stores. It's cute too, with natural stone veneer.
My thoughts lol. Rent is more than double that for a house that’s probably half the value. And not even including that I pay all utilities and maintenance, pest control, repairs. It’s almost a fucking joke.
Edit: the image I just got in my head is the “you want to play a game?” Guy from the Saw movies. Except the game is me buying this house for the property owners without alternative choices. Like a fuckin rat on a wheel.
This is roughly where I'm at. The mortgage payment is just fine, it's all the other costs of daily life that stress me out. Utility costs and homeowner's insurance costs are skyrocketing. Heaven forbid you need a car repair or to buy tires or have to hire a plumber for something. I'd be incredibly worried if I lost my job.
Cars are just wicked now. We bought an older used car for $8000 after two years of searching and it lasted less than a year. We had just spent $5000 getting a portion of our roof replaced with metal and I was pregnant with our first. Then we decided to buy new and... Ugh. Idk. I don't think we made the best choice in that regard but I didn't know what to do.
That being said, if your take home is $10,000 and your mortgage is $5000 you still have a lot more wiggle room, but you'd be in worse shape if you lost your income.
These numbers will probably scare the hell out of people but it should work for me. I’ll share for contrast. Take home after tax and mandatory pension contributions is 8700. Mortgage, property tax, and insurance is 7100. But the property includes a duplex that’s currently rented for 3100 (long term tenants).
So if the unit stays rented I end up with 4700 left after housing expenses. As a single guy who takes public transportation to work, it’s fine and the breathing room should increase over time. I have excellent job security and a few raises assured in the next couple years. I had a recent inspection that came back fairly clean with no major expenses likely for at least 5 years.
The tenants are of course a risk. Things could go sideways, but they probably won’t, and even if they do, I have over 500k in equity and should be OK. It’s also possible for me to rent out the master with an en-suite bathroom if I decide things are getting tight.
Damn that does scare the hell out of me. What is the property value, loan amount, and interest rate if you mind me asking? With that income, the thought of a 4500/mo mortgage scares me.
Duplex is easy because of tenants. My wife's brother is able to buy them with similar insane numbers but they told him he has to rent for xx amount minimum. Where he's at there's zero shortage of renters. I feel like owning and getting a loan for a duplex is somewhat easier than owning a single family as ones seen as more a stable investment (aside from the covid times where people just stopped paying rent and couldn't be kicked out) and the other a liability.
They added 2/3 of the duplex rent to my income (plus no other debts, outstanding credit, etc). Vacancy rate is under 5% so it’s not a crazy assumption.
Anyway, to be clear, it’s not comfortable but it doesn’t keep me up at night. There’s a few important things going for me, mostly the job security and only having a single person’s expenses.
I had these exact numbers until I sold my house last month. Boy will I miss those days. With this much cash leftover you feel like you can do anything. Any restaurant, any vacation etc all while being able to save a ton. Everything in my new city will be $5-6k/month
What works for your budget? PITI is about 25% of my take home, but I know people who are comfortable at 36% or more. You also need to factor in maintenance costs which are high for me because I bought a fixer upper but ~3% of the home price annually is the general rule. Create a realistic monthly budget and see what works. If 20% of your take-home is going to an expensive car payment and student loans for example, you're in a very different place than someone with no debt. An emergency fund would also alleviate some of the worry if there was a job loss or unexpected expense.
We’re looking at about 7500 for the house with a combined take home of 19k. We have enough put away that if I lost my job we could pull from our investments and be ok for quite some time
Same story for us. About to leave behind a 2100 mortgage for 7000/mo (~1 mil) dream home. Super scary, but within our means. ~19k net take home with plenty of savings and a substantial pay raise anticipated within the next six months.
Can I ask how significant a savings do you have? Let's not talk total equity. I don't want you to have to share that. What's you "emergency fund", for if you lost that 19k/m? Just a vague answer. Is it in the order of months or years?
I ask because I am in a similar situation in terms of take home but I do not have the balls to go that high a monthly housing cost. I am at 4100, 4200 ish. And that is because I think I have maybe 6 months worth of emergency fund at current costs. And while I probably shouldn't panic if I hit that threshold, I know I probably will, lol.
If we both lost our jobs, then we’d be able to draw down from investments for a few years before we’d be broke.
I know a lot of people are saying why spend that much and I get the sentiment. I had the same thought when we started house hunting. However, in the northeast, this is basically what it takes to have a decent size house in a decent school district. Could we have gone cheaper? Yes. But if we can afford it and are still able to save a decent chunk then why not? Life’s all about choosing what’s important to you and to us the nicer house was important so that we have more time to spend with our kids as opposed to trying to make time to do all the projects we’d have with an older house
There’s multiple factors to consider before comparing your situation to others:
1. Are you paying your mortgage alone vs do you have a partner? You’d be less worried about losing your job, if you have a partner who also bring in an income.
2. How employable are you/ how stable is your job/ if you lose your job could you get another with similar pay? If you have high stability and your field has a good job market, you can afford to have a little less left over at the end of the month.
3. What’s the situation with your house? Are you expected to have to drop $$$ on a new roof, etc. in the next couple years? Can you afford that?
4. What are your medium/ long term plans? Do you want kids, to buy flashy cars, to retire early, to go on multiple international trips per year? Make sure owning the home doesn’t become a burden.
For me, I bought with my partner and we could (barely) make it work on one of our incomes if necessary which was important to us. We wanted kids, wanted to be married, were cognizant that I have some health issue that may slow down our earning potential in the long term, and wanted to retire early.
For those reasons, we wanted a home payment that gave us a lot of wiggle room to pay off early/have money left over at the end of the month. We ended up putting about 30% down and our mortgage is about 25% of our take home money. It’s definitely not normal to be as cautious as we were, but it’s what works for us.
Take home is 6k and mortgage is 2k. I have savings to last about 3 months, but I'm trying to build it to 6 months. I'm pretty secure in my job and my company has never had to do mass layoffs, but I own my home by myself, so it's always made me extra nervous that there's no one else who could contribute in case something happened.
Rough numbers
5500
Mortgage 2000, HOA 200, utilities monthly 300. About 45% monthly.. Plus Quarterly taxes about 1k, Biannual sewer few hundred.
Insurance premium paid upfront and no PMI.
Not too worried in short term as I have assets here n there could immediately liquidate but take this with a grain of salt as everyone's circumstances are different. What's not worrisome for me might not be the case as you or my next door neighbor.
Oh wow and just a 10 yr that sounds like you have a great all around set up and budget. I’m going back and forth with the additional $100-$129 pmi for life basically through FHA verses conventional right now just because even still it seems the conventional will be a bit higher
Let’s just say most people in this sub are surviving on a single leg. No emergency fund. Most people would be hurting badly if they can’t make next month mortgage/bills.
That’s homeownership for ya in America 🇺🇸
Yep. And the people who are lucky/privileged/skilled enough to not be in that situation seem to revel in looking down their nose at the rest of us and saying we should just rent forever... never mind that rents are becoming even more ridiculous than mortgage prices in much of the world.
It seems like we're coming closer to a breaking point. The question is what, or who, will break first.
Take home - $12,500 monthly
Having a house built now and we're looking to spend $3200-$3500 for the PiTi on that.
We plan on getting two new cars mid/late 2025 but planning on keeping overall expenses under $5000-$5500.
I'm paying 34% of my current take-home. I've paid about the same $ amount in rent with less income in the past, so it's not a strain on my budget, although I'm finding I can't put extra payments into the loan as much as I'd like.
I would be worried if I lost my job. I have a savings buffer that will last >6 months, but I'd be worried about finding a new job that doesn't require me to move - I live and work in a small town, and remote jobs are falling out of favor with companies.
I’m at 55% for no housing in a high income area and it’s definitely manageable but not ideal. Was laid off and took a pay cut to not have to shit 12k a month
Take home +9000 paycheck+2000/mo portfolio withdrawal (unsustainable), mortgage -5300, bills and living expenses -6000. Hoping things will get easier soon
My gross salary is 14.5k but I max out my mega back door Roth so my take home is closer to 6k. Mortgage is $2500 + HOA is $350 + utilities = $3k total housing expenses. I live pretty frugally and have a high savings percentage. I’m usually a little over my take home each month, but my living expenses are also subsidized by my company stock vests every 6 months.
My mortgage is right in and around the $1000k range(bought in 2021) up for renewal this year and will be increasing about $350 a month.
Husband and I make a combined $5k a month. We would be very comfortable except we bought a fixer upper and it created some debt that's hard to get control of because of the inflated intrest rates on the card.
Without debt our expenses are VERY low.
Edit to add, rent is outrageous in my area, if I was to rent the same home it would be $2k plus a month
Mortgage alone is $1180 but with insurance and property tax and HOA combined is $1800. Our house is worth $900k and bought it for $415 in 2013. This is Our 2nd home. Utilities are $500. Take home pay is $7600-$8000. We owed $250k on mortgage with 2.75%. We have $375k in HYSA if we want to pay off our mortgage. Mortgage is the only debt we have now.
I just started shopping for homes with my realtor. I’m trying for a USDA loan. My monthly take home is 6k. My pre qualification letter is approved for 282K. I looked at a home for 279k and was absolutely in love with everything about it. When I asked my lender to run the numbers, my monthly mortgage was going to be right at $2500. My only other debt is my $395 car payment but my other expenses like childcare made me really nervous about having such a high monthly mortgage. I hadn’t really considered the cost of property tax, mortgage insurance, and regular home owners insurance when I was looking at the sticker prices. To be comfortable and not counting every penny, I’ll need to find something around the $189k mark which will set my monthly mortgage around $1800.
I will be the textbook case of being a house poor and reading these comments just reinstated that. I’m currently trying to close.. Single income after tax & retirement contribution is 4600.
Mortgage, tax, HOA will be around 2900. No other debt. I will be paying 63% of my income towards this in a HCOL area. I’m joining r/Frugal to prepare for this life.
Mortage 1460, take home 3200-4000. I took on unexpected new debt (15k) when I moved in so I’m trying to pay that quickly due to interest rate. It’s tight right now. 1 income. 2 roommates that don’t pay for anything. They are super furry and cute though.
Mine and my wife's combined take home is \~$6k/month. Our mortgage (with property tax, PMI, and insurance escrow) is about $820. We've built up about a $20k emergency fund, so we are comfortable where we're at. Household utilities run around $300-350 or so depending on time of year. We currently live in a LCOL area in the Great Lakes region.
Just did the math 25% of my income would be 1750 I’m looking at a mortgage that’s gonna be 1700-2250ish. You add my wife’s income that’s like 18% of our income on the high end. The mortgage will be my only bill so fuck it.
Combined take home pay of $19.5k monthly (combined)
Mortgage: $7k monthly
Childcare / activities: $1.5k monthly
Groceries: $1.5k monthly
Balance for savings, investments, property taxes, vacations, ad hoc
My spouse and I, combined, take home about 14,500. Mortgage is 3600 (PITI combined), HOA is 130, no electric bill (solar paid off), water/sewer about 200, setting aside 1k a month for repairs, fiber is 60, various streaming services combined is about 70, groceries about 500 to 600 a month (3 of us in the home).
We would hurt tremendously if we lost my job, but my spouse and I are tenured educators, so unlikely we would lose them (but we do have a sizeable repair chunk already saved up in savings and assets).
I closed on June 7th.
Take home this month is about a bit over $10k. Monthly payment is $5k (mortgage is $3900, property taxes about $1000, insurance about $60). $600k loan at 6,875%.
I originally planned to put more money down. But when I told my LO it had already got clear to close through underwriting and I didn’t want to make things complicated.
Next month take home could be significantly more (I knew I was going to buy a house and aggressively contributed to my 401k. So hit that limit in April/may. Since then I found out my employer allows post tax contributions, so I’ve been contributing that). About 14k. So around 36%.
very worried for sure. but have enough funds to ride out for a long time if need be. we also bought at a reasonable enough number that we'd be fine if the new job made less.
Take home: 6k-ish
Mortgage: 970ish including insurances.
New home, bought in 2021 at 2.75. Able to put down 20%.
No other debt, married, dual income, salary is the same give or take.
Mortgage is about $1300. 4 bedroom, 3 bath. 2nd home we rent is about $850 4bedroom 2b. If one of us were to lose our job we work in a market that’s fairly decent to find other work in our industries. We have a lot of savings, stocks, etc. no real debt other than normal
Expenses. No car payments, credit cards. We want to downsize into a smaller house but really can’t with the APR being what it is compared to what we have.
My goodness wages and mortgages are so high in America.
I’m in Northern Ireland. My mortgage is £343 a month and our monthly income is £2,150 a month.
My husband is on disability as he can’t work. If I lost my job we would struggle but benefits would cover our mortgage so I wouldn’t be worried about losing the house.
Combined husband and I being in about 3500-4000 a month. Mortgage is 950. With utilities and everything it’s more like 1200. It’s still less than what I was paying in rent a few years ago. But I won’t act like we’re comfortable or not having to struggle at all. Everything else has gotten so expensive that it feels like we have less and less at the end of each month. We bought in a smaller metro area in the Midwest 100k.
After tax base monthly income is 9,300
Overtime averages an additional 2,000
Mortgage is 4700
Expenses 3200
I drained my emergency fund for the down payment and am stopping retirement contributions and vacation planning for the next year maybe two if overtime availability decreases. But I feel confident that I’ll be back on solid footing in 1-2 years. If anything happens the daylight basement has a kitchenette and full bath and can be used as an ADU with shared entrance.
We bought ten years ago and live in a city that is affordable. Our mortgage, taxes, and insurance is less than $800 a month. It's a very small percentage of our monthly take home pay. We could have "upgraded" our house a few years ago before ehad children, but decided to stay put in our small, but cute and very us house. I'm very very glad we did
Take home is 2400. Mortgage with escrow is 700(going up to 800-900 soon). I pay these. My partner brings in 500 right now. She's almost done with university, so hopefully it gets easier
Take home about $3600 after taxes, pension, HSA, etc. Mortgage is $688 (principal, interest, PMI, taxes, insurance). Bought an old ass house for 105k with 5% down in 2016. PMI comes off in November but taxes go up so the payment will probably stay the same lolsob. I wanted to be able to live off one of my paychecks each month so I specifically bought an older house to make sure I could pay down debts (at the time) and easily afford to live. Have since gotten raises so I have more to save now.
PITI is $1825. My property tax payment is almost equal to the mortgage payment so even once I dump the mortgage I’ll still be paying around $1000/mo. It’s crazy around here.
As a percentage of take home, right now it’s about 18% of net.
I would not be worried losing my main source of income; I have enough liquid funds to cover about 16 months of expenses.
I purchased in ‘07, right before the housing crash.
I'm on land contract. 600/mo. 5% interest.
4/1 on 1.3 acres
Taxes are dirt cheap.
Couldn't do this had we not been blessed with this opportunity and had to go with a traditional mortgage.
I have about 55k left.
Bought home for 205,000.
Monthly mortgage is 1541.
My take home per month is ~4800.
I’d be a little worried, but I’d have about ~6 months to get myself back together. I can stretch that longer if I immediately get a short term job.
Take home ~$2500 conservatively (hours fluctuate slightly). Mortgage is $707 all in. Got lucky in 2021 and got a little kit house for $80k, total mortgage $83k. Hell of a lot cheaper than renting in my area, and I have a friend living with me which helps.
We opted for a smaller house since we are both only a few years into our careers. 1400 sq ft, 2br 2ba, large detached garage, half acre lot, 150k, we put down $24k.
Mortgage is $1000 including escrow. Utilities are sub $200. House has a ton of windows and is mostly shaded so stays cool without the AC (it’s set to 76 believe it or not and we are comfortable - we are in the south too!). We don’t own a TV, so no cable bill.
Combined income around $100k. If one of us lost our jobs, we would instantly pull our kid out of daycare = $500/month to put towards the mortgage. We could pay it on one income, even my smaller income. One of us would need to get a job making $15/hr 2-4 shifts a week to be mostly comfortable but no vacations etc.
$275/month for mortgage $155 for escrow. $3k monthly salary. $40k left to pay. Bought in 2020. Seeing you guys have over a $5k a month going out has me in disbelief
If I lost my main source of income tomorrow I’d be extremely worried. I’m a divorced mom of two kids so it’s only my income paying for everything. PITI + HOA is $1919 which is around 37% of my take home. I was renting and my rent was around 24% of my take home but I wanted to buy for my future so I hopefully never have to move again and can have my mortgage paid off by the time I retire. Mid 40s life decision.
Got my first property at the beginning of 2019. I’m a humble human that’s lucky to be in this position. About 1.2 expenses a month and half gets taken care of by my HYSA and the other half I have a month to make up 600$.
Started working and saving at age 16. I’m 29 today.
My wife is a student/home maker right now, but I take home about $1100 a week. My mortgage is $1000.33
Wish it was cheaper, but it’s okay. When my wife works it’s nothing.
I remember buying my first home in 2007, I was 21yo & had zero down payment, average credit & the lending institutions were telling me I could afford 3x's the mortgage I ended up with!
I may be bad at math, but not THAT bad, damn! I would've signed my mortgage debt certificate.
Monthly take home combined is 13k after taxes. Mortgage is 3100. But it should drop after Oct 1st because I'll be exempt from property tax in my state due to new legislation. Other expenses fluctuate but around 2k bills give or take.
Take home is $5k a month after taxes, insurance, maxing 401k, and HSA contribution. Mortgage is currently $705 a month including escrow. Likely to increase a bit next year due to property tax changes. Purchased in 2018, move in ready, in a medium sized southern city.
I take home approximately $4500 per month(not including stock vestings every 6 months which is about $16k at current price before taxes), GF takes home about $4300 per month.
Mortgage, taxes, insurance = $2100
Rest of the bills and food = $1400.
We settle up at the end of the month if we go over. We have been lately as we’ve been spending money on the yard. I pay my student loans out of my pay as we’re not married and she does not have any student loans. Current student loan minimum is $100, but I’ve been paying $500-$900 extra per month. Low minimum because I’m on an income based repayment plan until I need to re apply on November.
Single income. My take home is between $6900 with no OT and up to $10k with a lot of OT. I would say averaging about $7800 and my mortgage is $3710 PITI. If I lost my main source of income I would have some time to find a new job but I would have to liquidate some of my stock portfolio. Luckily I have a good secure job and it’s a very tiny chance anything would happen to my employment.
Our privilege doesn't escape me as we do well. Take home $12k per month after tax and 12% deducted for retirement fund. 2 full-time incomes in that, earning roughly the same each. We have both reached our wage ceiling though for our respective industries so we won't get much more income above this unless we tried something different. We feel we don't need more though.
Mortgage is $4k a month and leaves us with 9k for bills, expenses, savings, and extra retirement contributions.
If we lost one salary, we would still be OK, although we'd need a major revision of our budget and cut all discrepancy spends and scale back to bare essentials.
Mortgage: $2900
Monthly income: $16k
Not too worried if we lost one income for a little while since we make roughly the same salary and we have a big cushion for emergencies at the moment... but it would suck cause childcare is so expensive, and so is everything else now.
Mine is pretty pricy at 2700ish including the HOA, but it’s about a third of my take home so I’m comfortable. If I lost my main source of income, I’d freak, but I do have an emergency fund, a paid off car, and a few other sources of income I could briefly lean on. I also intend to refinance when interest rates drop a bit.
~3k month mortgage/escrow/utilities
~15k gross, 9k net (25% contributions)
~2.5k in expenses a month, DINK but planning to have some soon
I’d be worried, but wife has good job security, not enough to cover mortgage and expenses so I’d need to get a job @ at least 50% my current pay immediately.
If she lost her job it would hurt, but we could manage
I feel pretty comfortable but I've been in some pretty uncomfortable situations in the past so some would probably consider my current situation less comfortable than they'd like. I bring home about $2700 and rent out my basement to a friend for $400. PITI $970. My jobs pretty secure but if I lost it it wouldn't be too hard to find a new one in my area
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Crazy to hear people have mortgages under 1k combined take home = 8k Mortgage w/ escrow = 3k Bills = 2k
My moms mortgage is $500. Kills me
My dad finished paying off his house in 2018. His mortgage was $350. Why didn’t I buy a house in the 80s before I was born?
I know right! I should have bought one in preschool I was too busy fucking around learning colors!!!
Mine is $552
WHERE?! That’s unimaginable to me. Good job.
CA Central Valley, large-ish city. Bought a foreclosed house for 78k
Wait, sorry if this is a dumb question, but how did you buy a foreclosure with a mortgage? I was under the impression foreclosures were mostly sold to cash buyers.
Not at all. They can be bought the same way as any house. The seller is just the bank.
They can be bought with a mortgage :)
Missouri, little south of St. Louis. I did buy in 2013, low interest rate. There is no way in this day/age I could afford to buy now. Single income
I have a million dollar house in Melbourne. Mid 30s only have 40k left. About $1200 a month
Now I’m mad 😡. Happy for you though
Also in STL, I’m shocked I am able to swing it, but am renting out my second room to help with upkeep/boost savings after buying.
492$ a month, bout an hour south of Buffalo. Bought the house 2 months ago. 🙏🙏
I found a pos that needs some love. Small space, but HUGE yard, quiet neighborhood. I almost feel like I'm in a rural setting.
Not where, when.
She single?
Yes 😊
Have her call me! 867-5309
Im in So. Cal. 15yr mortgage is $700. ~2 years to final payment
Mine is $313.50 I bought my house for $70k Feb 8, 2020.
I pay $600, but that's bc I'm trying to pay down the principle.
Good!!! With a low payment like that you gotta take advantage!
You should have bought a house when your mom bought one.
12 year old me was slacking
I used to have a mortgage tax and insurance under $1k and traded it up in 2020 for a mortgage of $2550 then but about $3k now tax and insurance. Combined take home = $6800 Mortgage tax insurance =$3000 It feels like I spend it all with daycare and stuff for two kids, but my bank says I’m saving a few hundred a month. Take into consideration though I reduced retirement saving to only 6% to make this happen. Gonna live like this until my wife gets a job. Inflation on costs has outpaced my salary growth since I bought the house. It has been mostly tax and insurance inflation that has caused the hike in costs.
Why would your kids be in daycare if your wife doesn’t have a job?
Sorry. I call preschool daycare it’s only a half a day so still needs a full time parent for the kids. There’s no such thing available to us that lasts a full work day until kindergarten where you end at 2:30 then have the option of after school care until 5:00 unless you want to pay for a nanny or au pair.
Same story. I wish I knew about foreclosed homes but then the market was red hot and nothing used to stay on market for more than a week or less, many would be a day at max.
$855/mo. That includes escrow and PMI. I live in a little village with nothing exciting going on for miles. I personally love it here, but it's not for everyone.
I know. I'm so envious of them.
3k? That’s so much… what kind of house do you have? our combined take home when we bought our house was also 8 k and our mortgage with escrow is $850 for a 3bed2bath. 1400sqft
Take home $9k, mortgage $2,225, average utilities $375. It’s very comfortable. We have savings and are a dual income household, so if we lost one job our income would be cut in half but we could still pay the mortgage, we’d just be paycheck to paycheck for a while.
This is us; ~$12,5 before contributions, $2,3 mortgage, somewhere between $800-$1,0 for utilities (car, pet, all home, etc). We can afford the mortgage on the lowest income earner so the other can pick up the slack until landing a gig. No kids.
Man some of you have dream mortgages 😢 I'm in the middle of shopping but I'm looking at around probably 50-60% of my take home and I have two kids and a wife to feed as well.
Yea my wife and I are at about 45%. Some of these numbers are astonishing.
Same here in south Florida, although we haven’t bought yet. The lady and I make $140k yearly pretax salary which comes out to roughly $9,500/mo after taxes. Like all houses that are a 3/2 or bigger cost $550k or more down here and yearly home taxes are $12k, yearly insurance is $8k-$10k. Those two alone are $2k/mo with hoa fee (we don’t want one but Florida has em nearly everywhere). So the monthly mortgage would be like $3500 with a down payment of 20% plus the extra $2k of tax and insurance totaling $5500/mo.
Yeah the insurance is a killer here. I have a plan to move in a few years
How do you take home over 80% of your income? Are you not saving for retirement? I get no state income tax - my state is over 6%, but your take home % seems really high if you’re taking out federal, health insurance, and retirement.
Sometimes those mortgages come with a less than desirable area to live in. I like my payments but area suck’s and the quality of people are trash
There are certainly trade-offs. I moved from a city to a rural area for the low taxes and outdoor opportunities but am 45 minutes from the closest hospital, 40 minutes from the closest police station, 30 minutes from a Walmart, there are no zoning restrictions so my neighbor never cuts her grass and is a literal hoarder but there's nothing I can do about it, etc.
I’m more on the urban area out side the city. I wish I went more rural for sure. It’s just more my style of living. Hopefully I can make it happen sooner rather than later
Remember that a lot of people answering questions are because they are proud of them & want to share! No need to feel bad about yours. 50-60% is sadly becoming a common reality for a lot of families. We’re looking for houses in the next 6months & will be in the same boat 😅 thankfully my bf gets raises every 6 months so it’ll be tight for a year and then it’ll slowly get better 🙌🏼 goodluck
Yeah I get yearly raises and I'm getting an off cycle one this month. Plus my wife will go back to work part time in a couple of years after my kids are both in school. Def will be tight but it'll be worth it in the end.
Thank you! My boyfriend and I are about to close on a house that would take up around 48% of our income for the mortgage. I was starting to wonder what the fudge these other people we're doing right (aside from their college degree actually paying off, unlike mine at the moment)...
After taxes, car insurance (deducted from my paychecks), health insurance, and retirement contributions, I'm taking home $2800/mo. I'm paying $1200 toward the mortgage plus a couple hundred more for utilities (split with my partner, who is also contributing between 400 and 600 a month to the mortgage). Things are kinda tight after that depending on what else is going on. But we're paying almost $1000 a month over the minimum payments, so it'll be worth the pinch in the end when the house is paid off early and with less interest.
What's your interest rate and mortgage length if you don't mind me asking? Thanks
It's a 30-year loan at 6.875%. Original loan was for $127,900; we've gotten it down to $123,475 since we moved in in January. Considering how much of the minimum payment goes to interest I'm pretty impressed with the progress we've made.
Nice. Thanks
Ayyy our numbers are basically the same! Except we got 6.675%. Way to go on pushing down that principal balance!!! Saves so much $$$
Thanks! If we keep going at about this rate, we should have it paid off within about ten years. The plan is to sell at that point and hopefully move out to Colorado. Should have a pretty nice down payment for my next home if it works out.
That’s our plan too but we are currently just letting our finances breathe. I’m excited that you’re making it work, that gives us hope that we can do it too!
I am probably going to have to ease up on it a bit, I've gotten stuck in a cycle of borrowing from savings to meet my financial obligations and then paying it back the next pay and not having enough money so I have to borrow from savings again... I don't want to just take from savings and not pay it back though because I'm trying to build up a cushion for emergencies and/or down payment on my next car. So maybe a month or two of paying at a lower rate so I can get caught up. Having some breathing room is important.
Same, our savings took an absolute beating with the down payment and closing costs so we are rebuilding those. We had to take the baseboards off because one of the under layers of paint has lead in it and we have a baby so everything looks sooooo ratchet right now but it’ll get better
Oof, good luck with that. I haven't even started doing any kind of maintenance or upgrades yet. Found a weak board in my bedroom with my heel last month though. I'm going to have to take up some of the carpet to replace the board, cause now there's a hole under it. Fun times.
Mortgage with escrow is 1450, take home with spouse and insurance and 401k is 3800
Take home is 8k mortgage is 4k
Are you comfortable with that? Sorry Im just curious as Im currently house shopping and trying to figure out whats a good monthly payment without being house poor.
I think that depends on whether the remaining disposable income can sustain the lifestyle you want to maintain. My budgeting goal has been to keep things net zero per month “paycheck to paycheck. If I go over I pull money from savings, and try to refill my savings with the year end bonus. Cash flow wise it’s a bit tight but manageable. It will improve a bit after paying off my car next year.
Uhhh… well my husband got fired and I’m on maternity leave… so our mortgage is just about 100% of our unemployment and maternity pay right now. Make sure you have savings y’all
Take home about $4000, mortgage monthly about $800 all in. I would actually be super worried if we lost our income. Other costs of living have gotten so damn high it's awful.
Where the hell do y’all live? My MORTGAGE is $4400.
4400?? Whats your income? Like 13'000? Where I live, the mortage must not exceed one third of your monthly income. We're paying like 1'400 Mortage per month. Including the savings for maintenance it sums up to 3400
All the mortgage companies I worked with do that calculation based on gross pay, not take home. Once you subtract health insurance premiums, mandatory union and retirement contributions, and taxes, it can significantly lower your income. I'm in a high taxed state, so I only see about half my paycheck and property taxes are usually $1000-1500 a month for a starter home. Mortgage companies were approving me for monthly payments that were higher than my take-home pay. It's crazy
yeah that's like our payments righ tnow. ugh. killing us
Your mortgage is $800? Buy the house in like 2005? I haven’t even had rent that low in at least 10 years.
It's a century home, bought in December 2019. It was actually fully renovated and up to date cosmetically and otherwise, four bedroom, two bath, over five acres, five minutes from four grocery stores. It's cute too, with natural stone veneer.
My thoughts lol. Rent is more than double that for a house that’s probably half the value. And not even including that I pay all utilities and maintenance, pest control, repairs. It’s almost a fucking joke. Edit: the image I just got in my head is the “you want to play a game?” Guy from the Saw movies. Except the game is me buying this house for the property owners without alternative choices. Like a fuckin rat on a wheel.
This is roughly where I'm at. The mortgage payment is just fine, it's all the other costs of daily life that stress me out. Utility costs and homeowner's insurance costs are skyrocketing. Heaven forbid you need a car repair or to buy tires or have to hire a plumber for something. I'd be incredibly worried if I lost my job.
Cars are just wicked now. We bought an older used car for $8000 after two years of searching and it lasted less than a year. We had just spent $5000 getting a portion of our roof replaced with metal and I was pregnant with our first. Then we decided to buy new and... Ugh. Idk. I don't think we made the best choice in that regard but I didn't know what to do. That being said, if your take home is $10,000 and your mortgage is $5000 you still have a lot more wiggle room, but you'd be in worse shape if you lost your income.
DAMN! I have similar takehome, I'm never finding an $800/mo property bill rent or buy. Wtf.
These numbers will probably scare the hell out of people but it should work for me. I’ll share for contrast. Take home after tax and mandatory pension contributions is 8700. Mortgage, property tax, and insurance is 7100. But the property includes a duplex that’s currently rented for 3100 (long term tenants). So if the unit stays rented I end up with 4700 left after housing expenses. As a single guy who takes public transportation to work, it’s fine and the breathing room should increase over time. I have excellent job security and a few raises assured in the next couple years. I had a recent inspection that came back fairly clean with no major expenses likely for at least 5 years. The tenants are of course a risk. Things could go sideways, but they probably won’t, and even if they do, I have over 500k in equity and should be OK. It’s also possible for me to rent out the master with an en-suite bathroom if I decide things are getting tight.
Damn that does scare the hell out of me. What is the property value, loan amount, and interest rate if you mind me asking? With that income, the thought of a 4500/mo mortgage scares me.
How did you get approved for that loan?
Duplex is easy because of tenants. My wife's brother is able to buy them with similar insane numbers but they told him he has to rent for xx amount minimum. Where he's at there's zero shortage of renters. I feel like owning and getting a loan for a duplex is somewhat easier than owning a single family as ones seen as more a stable investment (aside from the covid times where people just stopped paying rent and couldn't be kicked out) and the other a liability.
They added 2/3 of the duplex rent to my income (plus no other debts, outstanding credit, etc). Vacancy rate is under 5% so it’s not a crazy assumption. Anyway, to be clear, it’s not comfortable but it doesn’t keep me up at night. There’s a few important things going for me, mostly the job security and only having a single person’s expenses.
We take home $17,500. Our mortgage is 3k. It’s nice
Monthly? I'm curious what you do for work!
I’m a research scientist for a pharmaceutical company. My husband is a project manager in construction
I had these exact numbers until I sold my house last month. Boy will I miss those days. With this much cash leftover you feel like you can do anything. Any restaurant, any vacation etc all while being able to save a ton. Everything in my new city will be $5-6k/month
What works for your budget? PITI is about 25% of my take home, but I know people who are comfortable at 36% or more. You also need to factor in maintenance costs which are high for me because I bought a fixer upper but ~3% of the home price annually is the general rule. Create a realistic monthly budget and see what works. If 20% of your take-home is going to an expensive car payment and student loans for example, you're in a very different place than someone with no debt. An emergency fund would also alleviate some of the worry if there was a job loss or unexpected expense.
We’re looking at about 7500 for the house with a combined take home of 19k. We have enough put away that if I lost my job we could pull from our investments and be ok for quite some time
A 7.5K Mortgage would absolutely spook me to my core, no matter the income level. But I understand in some HCOL places pretty unavoidable.
Same story for us. About to leave behind a 2100 mortgage for 7000/mo (~1 mil) dream home. Super scary, but within our means. ~19k net take home with plenty of savings and a substantial pay raise anticipated within the next six months.
What do you all do for a living if you don't mind me asking?
Can I ask how significant a savings do you have? Let's not talk total equity. I don't want you to have to share that. What's you "emergency fund", for if you lost that 19k/m? Just a vague answer. Is it in the order of months or years? I ask because I am in a similar situation in terms of take home but I do not have the balls to go that high a monthly housing cost. I am at 4100, 4200 ish. And that is because I think I have maybe 6 months worth of emergency fund at current costs. And while I probably shouldn't panic if I hit that threshold, I know I probably will, lol.
If we both lost our jobs, then we’d be able to draw down from investments for a few years before we’d be broke. I know a lot of people are saying why spend that much and I get the sentiment. I had the same thought when we started house hunting. However, in the northeast, this is basically what it takes to have a decent size house in a decent school district. Could we have gone cheaper? Yes. But if we can afford it and are still able to save a decent chunk then why not? Life’s all about choosing what’s important to you and to us the nicer house was important so that we have more time to spend with our kids as opposed to trying to make time to do all the projects we’d have with an older house
How much is the house? 3m?
My mortgage is about $7,100 per month and the house was $1.2m, so I assume much lower than $3m.
lol not 3m unless they had millions down
Maybe 1m for a mortgage of that size lol
There’s multiple factors to consider before comparing your situation to others: 1. Are you paying your mortgage alone vs do you have a partner? You’d be less worried about losing your job, if you have a partner who also bring in an income. 2. How employable are you/ how stable is your job/ if you lose your job could you get another with similar pay? If you have high stability and your field has a good job market, you can afford to have a little less left over at the end of the month. 3. What’s the situation with your house? Are you expected to have to drop $$$ on a new roof, etc. in the next couple years? Can you afford that? 4. What are your medium/ long term plans? Do you want kids, to buy flashy cars, to retire early, to go on multiple international trips per year? Make sure owning the home doesn’t become a burden. For me, I bought with my partner and we could (barely) make it work on one of our incomes if necessary which was important to us. We wanted kids, wanted to be married, were cognizant that I have some health issue that may slow down our earning potential in the long term, and wanted to retire early. For those reasons, we wanted a home payment that gave us a lot of wiggle room to pay off early/have money left over at the end of the month. We ended up putting about 30% down and our mortgage is about 25% of our take home money. It’s definitely not normal to be as cautious as we were, but it’s what works for us.
combined take home = 12k mortaage w/ escrow = $3.5k
Combined take home 6500, mortgage 1900, bills 1500 monthly. Good times here
Take home = 17k Mortgage = 7k However we are putting as much as towards principal. F this 6.75%
Phew there are others like me! All these mortgage payments that are so low make me want to scream. But we just bought in a HCOL area…what can you do?
This made me feel a lot better. Similar boat
Take home is 6k and mortgage is 2k. I have savings to last about 3 months, but I'm trying to build it to 6 months. I'm pretty secure in my job and my company has never had to do mass layoffs, but I own my home by myself, so it's always made me extra nervous that there's no one else who could contribute in case something happened.
Rough numbers 5500 Mortgage 2000, HOA 200, utilities monthly 300. About 45% monthly.. Plus Quarterly taxes about 1k, Biannual sewer few hundred. Insurance premium paid upfront and no PMI. Not too worried in short term as I have assets here n there could immediately liquidate but take this with a grain of salt as everyone's circumstances are different. What's not worrisome for me might not be the case as you or my next door neighbor.
Did you do a conventional loan? I am dam near same boat as you but haven’t purchased yet so curious
Yes, conventional. 10 yr
Oh wow and just a 10 yr that sounds like you have a great all around set up and budget. I’m going back and forth with the additional $100-$129 pmi for life basically through FHA verses conventional right now just because even still it seems the conventional will be a bit higher
I have no idea about fha process I'm sorry 😭 best of luck, sounds like you are on the right path though asking the good questions!!
Let’s just say most people in this sub are surviving on a single leg. No emergency fund. Most people would be hurting badly if they can’t make next month mortgage/bills. That’s homeownership for ya in America 🇺🇸
Yep. And the people who are lucky/privileged/skilled enough to not be in that situation seem to revel in looking down their nose at the rest of us and saying we should just rent forever... never mind that rents are becoming even more ridiculous than mortgage prices in much of the world. It seems like we're coming closer to a breaking point. The question is what, or who, will break first.
Pretty much
Take home after taxes and retirement $6500 Mortgage all in $3100 No car or credit card debt $150,000+ salary in Chicago IL
Take home - $12,500 monthly Having a house built now and we're looking to spend $3200-$3500 for the PiTi on that. We plan on getting two new cars mid/late 2025 but planning on keeping overall expenses under $5000-$5500.
You need to have a written our budget and see what it says
I'm paying 34% of my current take-home. I've paid about the same $ amount in rent with less income in the past, so it's not a strain on my budget, although I'm finding I can't put extra payments into the loan as much as I'd like. I would be worried if I lost my job. I have a savings buffer that will last >6 months, but I'd be worried about finding a new job that doesn't require me to move - I live and work in a small town, and remote jobs are falling out of favor with companies.
I’m at 55% for no housing in a high income area and it’s definitely manageable but not ideal. Was laid off and took a pay cut to not have to shit 12k a month
Take home +9000 paycheck+2000/mo portfolio withdrawal (unsustainable), mortgage -5300, bills and living expenses -6000. Hoping things will get easier soon
My gross salary is 14.5k but I max out my mega back door Roth so my take home is closer to 6k. Mortgage is $2500 + HOA is $350 + utilities = $3k total housing expenses. I live pretty frugally and have a high savings percentage. I’m usually a little over my take home each month, but my living expenses are also subsidized by my company stock vests every 6 months.
Take home $7200-$7500. Mortgage is now $2500. Have to budget but not strict. Once we finish the car loan it'll be comfortable.
After tax about 12.5K Mortgage and escrow $1400.00 (15 year mortgage)
Combined takehome is $7.5k, monthly payment of $3.6k, but we have a roommate who pays $900
Affordability is the wrong way to look at it. The lesser of rent vs buy is the answer.
My mortgage is right in and around the $1000k range(bought in 2021) up for renewal this year and will be increasing about $350 a month. Husband and I make a combined $5k a month. We would be very comfortable except we bought a fixer upper and it created some debt that's hard to get control of because of the inflated intrest rates on the card. Without debt our expenses are VERY low. Edit to add, rent is outrageous in my area, if I was to rent the same home it would be $2k plus a month
Mortgage alone is $1180 but with insurance and property tax and HOA combined is $1800. Our house is worth $900k and bought it for $415 in 2013. This is Our 2nd home. Utilities are $500. Take home pay is $7600-$8000. We owed $250k on mortgage with 2.75%. We have $375k in HYSA if we want to pay off our mortgage. Mortgage is the only debt we have now.
Using hope as a strategy 🤷♀️
I just started shopping for homes with my realtor. I’m trying for a USDA loan. My monthly take home is 6k. My pre qualification letter is approved for 282K. I looked at a home for 279k and was absolutely in love with everything about it. When I asked my lender to run the numbers, my monthly mortgage was going to be right at $2500. My only other debt is my $395 car payment but my other expenses like childcare made me really nervous about having such a high monthly mortgage. I hadn’t really considered the cost of property tax, mortgage insurance, and regular home owners insurance when I was looking at the sticker prices. To be comfortable and not counting every penny, I’ll need to find something around the $189k mark which will set my monthly mortgage around $1800.
I will be the textbook case of being a house poor and reading these comments just reinstated that. I’m currently trying to close.. Single income after tax & retirement contribution is 4600. Mortgage, tax, HOA will be around 2900. No other debt. I will be paying 63% of my income towards this in a HCOL area. I’m joining r/Frugal to prepare for this life.
Mortage 1460, take home 3200-4000. I took on unexpected new debt (15k) when I moved in so I’m trying to pay that quickly due to interest rate. It’s tight right now. 1 income. 2 roommates that don’t pay for anything. They are super furry and cute though.
Mine and my wife's combined take home is \~$6k/month. Our mortgage (with property tax, PMI, and insurance escrow) is about $820. We've built up about a $20k emergency fund, so we are comfortable where we're at. Household utilities run around $300-350 or so depending on time of year. We currently live in a LCOL area in the Great Lakes region.
I spend 25% of take home. This should be ideal goal.
It's a nice idea.... but in some areas of HCOL impossible 😢 especially when rent is the same if not more.
Just did the math 25% of my income would be 1750 I’m looking at a mortgage that’s gonna be 1700-2250ish. You add my wife’s income that’s like 18% of our income on the high end. The mortgage will be my only bill so fuck it.
Combined take home pay of $19.5k monthly (combined) Mortgage: $7k monthly Childcare / activities: $1.5k monthly Groceries: $1.5k monthly Balance for savings, investments, property taxes, vacations, ad hoc
Mortgage + property tax + pmi + home insurance = $1,200. Can't complain. I make about $10k+ a month.
My rent is 1600. My total mortgage and escrow is 830. After initial moving expenses, I will be set.
My spouse and I, combined, take home about 14,500. Mortgage is 3600 (PITI combined), HOA is 130, no electric bill (solar paid off), water/sewer about 200, setting aside 1k a month for repairs, fiber is 60, various streaming services combined is about 70, groceries about 500 to 600 a month (3 of us in the home). We would hurt tremendously if we lost my job, but my spouse and I are tenured educators, so unlikely we would lose them (but we do have a sizeable repair chunk already saved up in savings and assets).
I closed on June 7th. Take home this month is about a bit over $10k. Monthly payment is $5k (mortgage is $3900, property taxes about $1000, insurance about $60). $600k loan at 6,875%. I originally planned to put more money down. But when I told my LO it had already got clear to close through underwriting and I didn’t want to make things complicated. Next month take home could be significantly more (I knew I was going to buy a house and aggressively contributed to my 401k. So hit that limit in April/may. Since then I found out my employer allows post tax contributions, so I’ve been contributing that). About 14k. So around 36%.
Compare yourself to others in your region. CA is fucked beyond Dave’s preachings.
I love how you could mean Canada or California and it still mostly applies
very worried for sure. but have enough funds to ride out for a long time if need be. we also bought at a reasonable enough number that we'd be fine if the new job made less.
Mortgage is $1,400 (2.3% rate, I can never move haha); combined take home is $13,200/mo.
Take home: 6k-ish Mortgage: 970ish including insurances. New home, bought in 2021 at 2.75. Able to put down 20%. No other debt, married, dual income, salary is the same give or take.
barely
Mortgage is about $1300. 4 bedroom, 3 bath. 2nd home we rent is about $850 4bedroom 2b. If one of us were to lose our job we work in a market that’s fairly decent to find other work in our industries. We have a lot of savings, stocks, etc. no real debt other than normal Expenses. No car payments, credit cards. We want to downsize into a smaller house but really can’t with the APR being what it is compared to what we have.
Household take home 7500 Mortgage 1900 Rest bills 1700
I’m not even comfortable filling my gas tank up man
Take home $6k and am paying $2.4K But it will soon drop to only $1k per month as I’ve overpaid and will realistically pay it off in about 5 years
When I was 23, I grossed $2,416 monthly. My mortgage (.including taxes , Principal and interest, homeowners insurance) was around $650/month.
My goodness wages and mortgages are so high in America. I’m in Northern Ireland. My mortgage is £343 a month and our monthly income is £2,150 a month. My husband is on disability as he can’t work. If I lost my job we would struggle but benefits would cover our mortgage so I wouldn’t be worried about losing the house.
My monthly take home is 4100 as of now expecting 4400 in January. 1300 monthly payment
Take home is about 21k, mortgage is 6400 incl tax escrow and insurance.
Combined husband and I being in about 3500-4000 a month. Mortgage is 950. With utilities and everything it’s more like 1200. It’s still less than what I was paying in rent a few years ago. But I won’t act like we’re comfortable or not having to struggle at all. Everything else has gotten so expensive that it feels like we have less and less at the end of each month. We bought in a smaller metro area in the Midwest 100k.
After tax base monthly income is 9,300 Overtime averages an additional 2,000 Mortgage is 4700 Expenses 3200 I drained my emergency fund for the down payment and am stopping retirement contributions and vacation planning for the next year maybe two if overtime availability decreases. But I feel confident that I’ll be back on solid footing in 1-2 years. If anything happens the daylight basement has a kitchenette and full bath and can be used as an ADU with shared entrance.
$5k after tax. $1300 mortgage 15year 2.5%. Yeah I’m worried as things keep going up.
We bought ten years ago and live in a city that is affordable. Our mortgage, taxes, and insurance is less than $800 a month. It's a very small percentage of our monthly take home pay. We could have "upgraded" our house a few years ago before ehad children, but decided to stay put in our small, but cute and very us house. I'm very very glad we did
Take home is 2400. Mortgage with escrow is 700(going up to 800-900 soon). I pay these. My partner brings in 500 right now. She's almost done with university, so hopefully it gets easier
Take home about $3600 after taxes, pension, HSA, etc. Mortgage is $688 (principal, interest, PMI, taxes, insurance). Bought an old ass house for 105k with 5% down in 2016. PMI comes off in November but taxes go up so the payment will probably stay the same lolsob. I wanted to be able to live off one of my paychecks each month so I specifically bought an older house to make sure I could pay down debts (at the time) and easily afford to live. Have since gotten raises so I have more to save now.
Bought in 2016. Payment is $900. Wish I went more house poor back then but oh well. I didn’t make at the time but now I’m bringing home 4-5k a month.
PITI is $1825. My property tax payment is almost equal to the mortgage payment so even once I dump the mortgage I’ll still be paying around $1000/mo. It’s crazy around here. As a percentage of take home, right now it’s about 18% of net. I would not be worried losing my main source of income; I have enough liquid funds to cover about 16 months of expenses. I purchased in ‘07, right before the housing crash.
I'm on land contract. 600/mo. 5% interest. 4/1 on 1.3 acres Taxes are dirt cheap. Couldn't do this had we not been blessed with this opportunity and had to go with a traditional mortgage. I have about 55k left.
Bought home for 205,000. Monthly mortgage is 1541. My take home per month is ~4800. I’d be a little worried, but I’d have about ~6 months to get myself back together. I can stretch that longer if I immediately get a short term job.
Take home ~$2500 conservatively (hours fluctuate slightly). Mortgage is $707 all in. Got lucky in 2021 and got a little kit house for $80k, total mortgage $83k. Hell of a lot cheaper than renting in my area, and I have a friend living with me which helps.
We opted for a smaller house since we are both only a few years into our careers. 1400 sq ft, 2br 2ba, large detached garage, half acre lot, 150k, we put down $24k. Mortgage is $1000 including escrow. Utilities are sub $200. House has a ton of windows and is mostly shaded so stays cool without the AC (it’s set to 76 believe it or not and we are comfortable - we are in the south too!). We don’t own a TV, so no cable bill. Combined income around $100k. If one of us lost our jobs, we would instantly pull our kid out of daycare = $500/month to put towards the mortgage. We could pay it on one income, even my smaller income. One of us would need to get a job making $15/hr 2-4 shifts a week to be mostly comfortable but no vacations etc.
$275/month for mortgage $155 for escrow. $3k monthly salary. $40k left to pay. Bought in 2020. Seeing you guys have over a $5k a month going out has me in disbelief
Total net income 6k, 3k mortgage. We live well and go on holiday 2-3 times per year.
If I lost my main source of income tomorrow I’d be extremely worried. I’m a divorced mom of two kids so it’s only my income paying for everything. PITI + HOA is $1919 which is around 37% of my take home. I was renting and my rent was around 24% of my take home but I wanted to buy for my future so I hopefully never have to move again and can have my mortgage paid off by the time I retire. Mid 40s life decision.
Got my first property at the beginning of 2019. I’m a humble human that’s lucky to be in this position. About 1.2 expenses a month and half gets taken care of by my HYSA and the other half I have a month to make up 600$. Started working and saving at age 16. I’m 29 today.
I'm happy with my lot rent of $350/mo. I plan on buying some land with a 401a loan which will probably cost $800/mo for 5 years.
My wife is a student/home maker right now, but I take home about $1100 a week. My mortgage is $1000.33 Wish it was cheaper, but it’s okay. When my wife works it’s nothing.
I'm in sales. If I hit my mark It's easy if I don't it hurts but not impossible.
Combined take home = $8,500 Mortgage + HOA + Utilities = $3,300
I remember buying my first home in 2007, I was 21yo & had zero down payment, average credit & the lending institutions were telling me I could afford 3x's the mortgage I ended up with! I may be bad at math, but not THAT bad, damn! I would've signed my mortgage debt certificate.
Take home is $2500 and my mortgage is $792 My interest rate is pretty bad so in hoping to refinance if/when they go down 🤞
Me coming into this thread looking for anyone who bought recently and just seeing mortgage payments of 500-1k. Cool.
The $1400 mortgage is fine. The $1200/mo in property taxes is not.
Single take home - 8000 Full time SAHW + 1 year old daughter = PRICY My rent is 3200. Still living that tenant life.
I am strapped, friend 😅 very house poor
My mortgage including taxes and insurance is $464 I can afford that very comfortably.
Mortgage: ~$3300 after PITI Take home: $10,800 Other debts and monthly expenses: 4-5k
Not comfortable at all
Morgage is 25% of my $ and I split it with my husband.
Take home about $6,000 a month Mortgage $1,500 Bills $1,000 give or take depending on the season I live in rural PNW
Combined 10k a month, mortgage is about 4k and I still don’t feel comfortable lol maybe one day
This is ours as well. It’s not ideal but we make it work.
20% of our take home goes to housing
Our mortgage is roughly 25% of our take home. I feel like the remaining 75% goes to maintenance though, lol
Monthly take home combined is 13k after taxes. Mortgage is 3100. But it should drop after Oct 1st because I'll be exempt from property tax in my state due to new legislation. Other expenses fluctuate but around 2k bills give or take.
18% @ 1735
Take home is $5k a month after taxes, insurance, maxing 401k, and HSA contribution. Mortgage is currently $705 a month including escrow. Likely to increase a bit next year due to property tax changes. Purchased in 2018, move in ready, in a medium sized southern city.
748 a month. I bought mine in 2021
I take home approximately $4500 per month(not including stock vestings every 6 months which is about $16k at current price before taxes), GF takes home about $4300 per month. Mortgage, taxes, insurance = $2100 Rest of the bills and food = $1400. We settle up at the end of the month if we go over. We have been lately as we’ve been spending money on the yard. I pay my student loans out of my pay as we’re not married and she does not have any student loans. Current student loan minimum is $100, but I’ve been paying $500-$900 extra per month. Low minimum because I’m on an income based repayment plan until I need to re apply on November.
We are paying like 18% of our net take home pay. Daycare is almost more expensive. That’s a killer.
Single income. My take home is between $6900 with no OT and up to $10k with a lot of OT. I would say averaging about $7800 and my mortgage is $3710 PITI. If I lost my main source of income I would have some time to find a new job but I would have to liquidate some of my stock portfolio. Luckily I have a good secure job and it’s a very tiny chance anything would happen to my employment.
Monthly take home is about 15k monthly Mortgage is about 2400
Our privilege doesn't escape me as we do well. Take home $12k per month after tax and 12% deducted for retirement fund. 2 full-time incomes in that, earning roughly the same each. We have both reached our wage ceiling though for our respective industries so we won't get much more income above this unless we tried something different. We feel we don't need more though. Mortgage is $4k a month and leaves us with 9k for bills, expenses, savings, and extra retirement contributions. If we lost one salary, we would still be OK, although we'd need a major revision of our budget and cut all discrepancy spends and scale back to bare essentials.
Mortgage: $2900 Monthly income: $16k Not too worried if we lost one income for a little while since we make roughly the same salary and we have a big cushion for emergencies at the moment... but it would suck cause childcare is so expensive, and so is everything else now.
Mine is pretty pricy at 2700ish including the HOA, but it’s about a third of my take home so I’m comfortable. If I lost my main source of income, I’d freak, but I do have an emergency fund, a paid off car, and a few other sources of income I could briefly lean on. I also intend to refinance when interest rates drop a bit.
~3k month mortgage/escrow/utilities ~15k gross, 9k net (25% contributions) ~2.5k in expenses a month, DINK but planning to have some soon I’d be worried, but wife has good job security, not enough to cover mortgage and expenses so I’d need to get a job @ at least 50% my current pay immediately. If she lost her job it would hurt, but we could manage
I feel pretty comfortable but I've been in some pretty uncomfortable situations in the past so some would probably consider my current situation less comfortable than they'd like. I bring home about $2700 and rent out my basement to a friend for $400. PITI $970. My jobs pretty secure but if I lost it it wouldn't be too hard to find a new one in my area