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Additional Details
or what should I invest in? Help!... |
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jlau_hn | What percentage of a person's income should be put aside to their house payment? |
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BS
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Most conservative financial planners recommend not spending more than 25% of your take home pay on your house payment, including taxes and insurance. Whats right for you will depend on your personal circumstances. Other factors in your life may limit your finances. |
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websterjdjr
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1/4Th of monthly income or less should be allotted for mortgage...as a matter of fact the loan processor is gonna make a determination using this formula |
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teacherintheroom
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The best case scenario is that no more than 25% of your take home pay should go toward your mortgage or rent. But in some places, that is not possible. Fore example, the east and west coast is notoriously high in housing costs. So it may not be realistic to expect that.
What you need to do is figure out what all the REST of your expenses are first, then, see what is left. That is how you can determine what you can affort. Be sure to allow for savings, home repairs, day care, water and sewer bills, real estate tax and emegencies.
DON'T rely on your bank or mortgage broker to tell you what you can afford. Their calculations are much different and they have a vested interest in getting you to take out the biggest loan possible. (I have 18 years mortgage banking experience to back this up). YOU have to figure out what you can comfortably afford. Then you tell THEM. Let them work on getting you a mortgage that fits you, not them. |
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Thin Kaboudit
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Smart people live in homes that consume less than 20% of their income to pay the mortgage or rent; that way you stay dry when it rains, but never, ever have to struggle to stay warm & dry.
Always buy about 25% less house than a mortgage lender is willing to "qualify" you for...remember, they don't have to make the payments, they just have to collect the (usually percentage-based) commission check! |
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regerugged
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I favor as little as possible. |
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Feeling Mutual
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-25%
The way to do it, is to puchase several houses in one package, lease out all but one that you live in, and charge enough rent to take in 25% more than the mortgage. |
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joe s
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25% of your net or 33% of your gross income. |
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Hedgefundie
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No more than 25%. If the state you live in is not east-coast, consider 20% with the extra going to investments. |
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Frank Castle
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50% (After taxes) |
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