What percentage of your monthly take home pay goes to mortgage?

JustinCruise · Mar 6, 2019

popcorn-eatinggif

DesertDevil · Mar 6, 2019

Exactly 19.9%.

brendanjack · Mar 6, 2019

Probably close to 50% on first mortgage 30 year fix 7.25 and Heloc on variable.

brendanjack · Mar 6, 2019

Bought house in 98

Enfuego · Mar 6, 2019

brendanjack said:
Probably close to 50% on first mortgage 30 year fix 7.25 and Heloc on variable.

50% of your take home pay goes to your mortgage? That seems high no?

seldomseen · Mar 6, 2019

brendanjack said:
Probably close to 50% on first mortgage 30 year fix 7.25 and Heloc on variable.

What are you doing paying 7.25%?

seldomseen · Mar 6, 2019

Enfuego said:
50% of your take home pay goes to your mortgage? That seems high no?

I would say that's got to be around average. You're qualified off of your gross. Take home is going to be less.

michael777 · Mar 6, 2019

My house is paid for,but i am old

brendanjack · Mar 6, 2019

Enfuego said:
50% of your take home pay goes to your mortgage? That seems high no?

It works out ok I have about 5 years left between the 2 and all 3 of my kids in state school daughter at Geneseo sons at community college and working living at home so not over extended

brendanjack · Mar 6, 2019

seldomseen said:
What are you doing paying 7.25%?

i hear ya actually refinanced twice when bought then heloc And rebuilt house good tip never pay a architect find a draftsperson you’ll save thousands.
paying for a stamp is such a joke

festeringZit · Mar 6, 2019

5teamparlay · Mar 6, 2019

5.8 percent of gross household

we both put more in our 401 than our mortgage

bought in 2003. We did a HARP in 2015 - couldn’t take money out

we have a rate of 3.25 percent. —- thank you Obama

we have over 60 percent equity

SgtLanquel · Mar 6, 2019

Approx 12%

JustinCruise · Mar 6, 2019

9% for me

C.P. · Mar 6, 2019

zero.....

but I'm older...

the taxes suck though....15k a year

seldomseen · Mar 6, 2019

brendanjack said:
i hear ya actually refinanced twice when bought then heloc And rebuilt house good tip never pay a architect find a draftsperson you’ll save thousands.
paying for a stamp is such a joke

Depending on the size of your loan and the amount of equity it still might make sense to refinance. You can roll in closing costs or pay them out of pocket. Ballpark number $3000. 15 year would probably get you the lowest rate or look into a 7/1 ARM and make extra payments towards principal. You can run break-even calculators to see if it's in your best interest with 8 or 9 years remaining on the note.

Bruins4Life · Mar 7, 2019

"Monthy take home".

Guess a few guys can't actually read. About 25%.
2.34% rate.

Doug · Mar 7, 2019

It's supposed to be 30 percent max, not sure if that is gross or net, the bank wouldn't give you the loan if they thought it was well beyond your means to repay it

The Greatest One · Mar 7, 2019

Doug said:
It's supposed to be 30 percent max, not sure if that is gross or net, the bank wouldn't give you the loan if they thought it was well beyond your means to repay it

Oh yes they would. They can't lose. In most instances of forclosure, they get alot of interest payments and a home to sell

razorbackpicks · Mar 7, 2019

JustinCruise said:
9% for me

you on FI?

What percentage of your monthly take home pay goes to mortgage?

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