Your mortgage vs. earnings - Chicagoland Sportbikes
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View Poll Results: What % of your take home earnings goes to the house note?
25% I am rich bitch! 33 51.56%
50% managing to keep my head just above water. 17 26.56%
75% I eat Ramen noodles and bugs to survive 6 9.38%
Other, my spouse (life partner) and I split it. 8 12.50%
Voters: 64. You may not vote on this poll

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post #1 of 89 (permalink) Old 11-27-2006, 03:17 PM Thread Starter
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Your mortgage vs. earnings

Obviously you do not have to post in the thread but rather just vote.
Was wondering what the average % of actual take home earnings people are tossing towards their mortgage.
For example you make 50k per year,4166.66 per month of which you actually see just shy of 3k per month after taxes, health insurance etc is taken out.
So in this case of your house note was 1500 you would fit into the 50% of monthly take home is going towards the house.
Just curious so I know what to get myself into when I get ready to make the leap down the road. Played with lots on the online calcs but figured real world opinions are worth more.

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Last edited by under200; 11-27-2006 at 03:21 PM.
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post #2 of 89 (permalink) Old 11-27-2006, 03:24 PM
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Two of my friends own a mortgage brokerage + have accounting backgrounds so I discussed the same question extensively with them when preparing to buy a house. If I remember correctly, the common rule is that your mortgage + taxes + PMI (if applicable) should be no more than 30% of your before tax income. Mine is about 26% of before tax and 40% of monthly take home.

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post #3 of 89 (permalink) Old 11-27-2006, 03:39 PM
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What...no option for "No mortgage"?
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post #4 of 89 (permalink) Old 11-27-2006, 03:39 PM
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Quote:
Originally Posted by Fracker View Post
Two of my friends own a mortgage brokerage + have accounting backgrounds so I discussed the same question extensively with them when preparing to buy a house. If I remember correctly, the common rule is that your mortgage + taxes + PMI (if applicable) should be no more than 30% of your before tax income. Mine is about 26% of before tax and 40% of monthly take home.
yeah a third is the going number

I own my house with a roommate so my half of the mortgage would be about 33% i just got a raise last week which changes that percentage to about 30%

that is post income tax, however I am paid weekly so when you factor that I get an extra 4 checks a year that is not being included in that figure your supposed to) its really more like 28 percent

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post #5 of 89 (permalink) Old 11-27-2006, 03:42 PM
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Before I was splitting my mortgage, it was about 40% of my monthly income. That whole no more then 30% thing is kinda un-realistic for some IMO, and isn't necessary unless you have other big bills coming outta your ass, which I don't, so me being left with about 60% of my monthly income was fine. Of course now it's much lower, which means more money for me!

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post #6 of 89 (permalink) Old 11-27-2006, 03:52 PM
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Quote:
Originally Posted by Fracker View Post
If I remember correctly, the common rule is that your mortgage + taxes + PMI (if applicable) should be no more than 30% of your before tax income.
I think its actually 36-38% depending on the bank. But that's not just your mortgage payment. Its all non-cancellable debt (car loans and credit card minimum payments, etc). Insurance and utilities can be cancelled, so that's not a factor, but taxes and PMI are as stated above. But I am not sure about association fees. I think those are factored into the %.

If your poll means household income, then I am at about 37.5% of take home pay.

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Last edited by jrock; 11-27-2006 at 04:29 PM.
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post #7 of 89 (permalink) Old 11-27-2006, 03:53 PM
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What...no option for "No mortgage"?


What..... you live with your folks ??




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post #8 of 89 (permalink) Old 11-27-2006, 03:54 PM
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Before I was splitting my mortgage, it was about 40% of my monthly income. That whole no more then 30% thing is kinda un-realistic for some IMO, and isn't necessary unless you have other big bills coming outta your ass, which I don't, so me being left with about 60% of my monthly income was fine. Of course now it's much lower, which means more money for me!
30% of your before tax income is actually a pretty fair number, when you consider that doesn't include bills / car payment / entertainment and living expenses.

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post #9 of 89 (permalink) Old 11-27-2006, 03:57 PM
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30% of your before tax income is actually a pretty fair number, when you consider that doesn't include bills / car payment / entertainment and living expenses.

I missed the before tax income. Yeah, before tax income I was a little over 30%.......Stupid taxes!!

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post #10 of 89 (permalink) Old 11-27-2006, 04:03 PM
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15% - and that's WITH taxes!

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post #11 of 89 (permalink) Old 11-27-2006, 04:08 PM
 
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my buddy is at 3%, with two rental properties that he doesnt clear the mortgage on... rich... i am at 10, but thats cause i have a trick or two up my sleave...
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post #12 of 89 (permalink) Old 11-27-2006, 04:11 PM
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i have a trick or two up my sleave...
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post #13 of 89 (permalink) Old 11-27-2006, 04:18 PM
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my buddy is at 3%, with two rental properties that he doesnt clear the mortgage on... rich... i am at 10, but thats cause i have a trick or two up my sleave...
Care to share them with your regional biker community?

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Apparently one of them isn't 'spell check.'

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post #14 of 89 (permalink) Old 11-27-2006, 04:27 PM
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Does one factor in insurance and property tax too or just the loan amounts minus any escrow?

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post #15 of 89 (permalink) Old 11-27-2006, 04:39 PM
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P+I: 25%. if you factor in the escrow, it's closer to 33-35% (take-home)

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post #16 of 89 (permalink) Old 11-27-2006, 04:42 PM
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Does one factor in insurance and property tax too or just the loan amounts minus any escrow?
i did because it's all part of my mortgage payment...

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post #17 of 89 (permalink) Old 11-27-2006, 04:46 PM
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Quote:
Originally Posted by Fracker View Post
Two of my friends own a mortgage brokerage + have accounting backgrounds so I discussed the same question extensively with them when preparing to buy a house. If I remember correctly, the common rule is that your mortgage + taxes + PMI (if applicable) should be no more than 30% of your before tax income. Mine is about 26% of before tax and 40% of monthly take home.

Yeah, that sounds about right

Also don't forget those numbers probably factor in investing/saving for retirement.

I am sure most of us could stretch our pay even further for mortages if we disregarded our savings/investing, or other company benefit plans, etc.
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post #18 of 89 (permalink) Old 11-27-2006, 04:47 PM
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Im about 30% but then again im paying for a lot bigger house than i need (parents live with me)....

zeus..im assuming some investment property?

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post #19 of 89 (permalink) Old 11-27-2006, 04:51 PM
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I'm at like 75% after taxes and I live in the hood. I should charge the fucking rats that live in my house rent!
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post #20 of 89 (permalink) Old 11-27-2006, 05:01 PM
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Under 10% before taxes.

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post #21 of 89 (permalink) Old 11-27-2006, 05:02 PM
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Paid mine off last summer. Woohoo! Maybe starting a new one in the spring though.

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post #22 of 89 (permalink) Old 11-27-2006, 05:04 PM Thread Starter
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Paid mine off last summer. Woohoo! Maybe starting a new one in the spring though.
Wow, very impressive. Congrats! I would imagine you must sleep very sound at night.

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post #23 of 89 (permalink) Old 11-27-2006, 05:07 PM
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Wow, very impressive. Congrats! I would imagine you must sleep very sound at night.

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Yeah it has been nice. I got off easy though. Inherited my Dad's mortgage, 60% of it was unpaid. A couple of refinances, 7+ years, one big check in the end and it was all paid off.

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post #24 of 89 (permalink) Old 11-27-2006, 05:25 PM
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28 % after taxes, I just can't figure out were the rest of the money goes.

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post #25 of 89 (permalink) Old 11-27-2006, 05:55 PM
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28 % after taxes, I just can't figure out were the rest of the money goes.
funny how that happens? if your married then that question just answered itself

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post #26 of 89 (permalink) Old 11-27-2006, 06:28 PM
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23%, but then again I have been doing this mortgage biz thing for 11 years.

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post #27 of 89 (permalink) Old 11-27-2006, 09:12 PM
 
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I'm 31% after taxes with my old job. I just started a new one though so I don't know the after taxes percentage b/c I haven't even received my 1st pay check yet lol but I'm 17.5% before taxes (although that only lasts another couple months because then my fantastic 4.25% arm is up LOL)

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post #28 of 89 (permalink) Old 11-28-2006, 12:42 AM
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Quote:
Originally Posted by .:K2:. View Post
Care to share them with your regional biker community?

Look at his profile. He's a mortgage broker. My ex girlfriend used to work for a large firm and these kids do have some tricks. . . to benefit themselves!

Save ten to twenty loans that are a sure buy. Call up your least used bank/lender and say "I've got X ammount of loans for you but I need a favor. . . " Your favor is them buying your personal loan at some crazy rate like 1 or 2% with zero points or PMI, etc. They'll take the chance because even if you default they have twent more good loans and they want your business.

It's good to be on the the inside! There's a lot more but that's one that stands out.

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post #29 of 89 (permalink) Old 11-28-2006, 06:14 AM
 
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pm me for the info...



Quote:
Originally Posted by .:K2:. View Post
Care to share them with your regional biker community?



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post #30 of 89 (permalink) Old 11-28-2006, 06:16 AM
 
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actually, my tricks do benefiet my customers also... it isnt with low rates either...





Quote:
Originally Posted by tWisTEd View Post
Look at his profile. He's a mortgage broker. My ex girlfriend used to work for a large firm and these kids do have some tricks. . . to benefit themselves!

Save ten to twenty loans that are a sure buy. Call up your least used bank/lender and say "I've got X ammount of loans for you but I need a favor. . . " Your favor is them buying your personal loan at some crazy rate like 1 or 2% with zero points or PMI, etc. They'll take the chance because even if you default they have twent more good loans and they want your business.

It's good to be on the the inside! There's a lot more but that's one that stands out.
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