Profile picture for zeimee

How much do you make and what is your house payment?

My husband and I will be buying our first house. We have not lived on a budget before because we have not had to yet. I've done home affordability calculators and did my best to estimate our monthly expenses, yet I still feel unsure about what we can actually spend. We make about $100,000/yr gross.

I want to ask the socially inappropriate question of how much is your gross yearly income, how much monthly debt other than your house do you have and what is your monthly mortgage payment. Also, do you have a lot left over at the end of the month or are you barely scraping by? I want to hear real world examples instead of bank calculated results. If your are willing to share I would appreciate it!
  • April 04 2014 - Denver
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Answers (4)

This will depend allot on what you are comfortable with.  I'm a private lender and finance guy and each situation is unique.  You need to factor in a number of items including other obligations (car payments, student loans, outstanding credit card bills, etc... For a quick example.  Assume you wanted to buy a 250k house, you put 20% down so your loan would be 200k.  Your payment would be 1073/month (assuming 5% interest rate and a 30 year amortization).  If I had to guess your net income is about 6-7k/month after taxes so a 1k/month payment would be do able (you might be paying more than this in rent).  Don't forget to factor in taxes, insurance, and the normal stuff that happens in a house (water heater breaks, etc...) when calculating what you can afford   Good luck

  • April 10 2014
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Most users on this site are mortgage and real estate professionals. I do not thing that you will have much luck on finding people who are willing to share this information on this site. Even if you found this information, I do not believe you should base your financial future and estimations off other people that can have very different finances from you. If you are truly curious about how to handle your finances when it comes to a mortgage you should speak with a loan officer. A loan officer can help sort out the questions that you have. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 04 2014
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From a personal perspective it would be hard for an outsider to tell you as that would depend on what sort of lifestyle you want to live and how much discretionary funds you want to enjoy other aspects of life.

From a lender perspective we would like to see your housing payment and all other consumer debts to be no more than $3,416 a month.

Hope that helps.
  • April 04 2014
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Profile picture for wetdawgs
Trying to use someone else's numbers to predict your situation is not particularly useful.   We've purchased a number of homes (due to relocation for our employment).  We've always purchased for a price well less than what we were qualified for (e.g. perhaps 50 to 60%).  This has stood us in good stead because it means we aren't house poor, it allows us to save for retirement and have plenty of pleasures in life.  It also offers flexibility in life should one of us be unemployed through bad luck or choice (e.g. supporting a dying parent).  Our current house payment for mortgage is zip  - we do pay taxes and insurance and, of course, maintenance.

However, the question is not about others it is about you.   Why not track your expenses for a couple of months to see what you are really spending?  Don't suddenly rein in the spending to make a good picture for yourself, be honest.    None of us know if you have a frugal lifestyle, or love to eat out every night and go shopping for expensive sports cars and clothes frequently. 

Good luck working through this.  And, don't hesitate to pick up the phone and have a chat with a friendly lender.
  • April 04 2014
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