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Spinoff of is it possible to afford a mortgage......
so how much do you think is neccesary to support a 3000k mortgage with taxes a month....
just seeing what people think... living on long island is nuts nowadays........
seems like you have to be making over 125k to survive here starting out
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Posted 3/5/07 4:48 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff of is it possible to afford a mortgage......
I read it wrong at first
A $3,000 per month mortgage- I would say $125K per year sounds right
does the $3K include taxes?
it's the taxes the kill you around here- adding almost $1K per month for the house I was looking at- which is why we are 99% sure we are not going to buy here and move OOS
if we stay here- we were looking at around $4K per month for a $500K to $600K house ( that needed to be gutted)
for what I pay in rent- I can buy a new house down south- around $2K per month- with all the updates
Message edited 3/5/2007 4:58:52 PM.
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| Posted 3/5/07 4:52 PM |
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sirk1020
*************
Member since 9/06 3046 total posts
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Re: Spinoff of is it possible to afford a mortgage......
I was wondering this too...
b/c a $3,000 mortgage including taxes seems about what we would have if we decided to buy a house now
so after doing our bills and budgeting and rebudgeting and trying to make my dollar stretch I think we would need at least 150-160k combined salary
We couldn't do it on 125k combined
Is that crazy?
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| Posted 3/5/07 5:21 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff of is it possible to afford a mortgage......
I think it really depends on what other bills you have
car payments
credit card
student loans- which can $$$$$$$
the kind of lifestyle you want to have
I don't think you can say if you make $XXX per year you can afford $XXXK house - b/c there are so many other factors involved
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| Posted 3/5/07 5:25 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: Spinoff of is it possible to afford a mortgage......
Posted by Beth1210
I think it really depends on what other bills you have
car payments
credit card
student loans- which can $$$$$$$
the kind of lifestyle you want to have
I don't think you can say if you make $XXX per year you can afford $XXXK house - b/c there are so many other factors involved
I completely agree! I think it is quite different if you have no car payments or credit card debt vs. if you do. It makes a huge difference. It aso depends on if your salary increases each year or you work overtime or can do extra things to increase your salary.
I don't think it is a straight formula.
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| Posted 3/5/07 5:28 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Spinoff of is it possible to afford a mortgage......
Assuming no other debt you could get a mortgage with a $3000/mo mortgage/taxes/H.O. pymt on $80,000 year. Its when you add in other debt payments that you can't afford it...
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| Posted 3/5/07 5:47 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Spinoff of is it possible to afford a mortgage......
Posted by JandJ1224
Assuming no other debt you could get a mortgage with a $3000/mo mortgage/taxes/H.O. pymt on $80,000 year. Its when you add in other debt payments that you can't afford it...
ita. for me, student loans are huge.
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| Posted 3/5/07 6:14 PM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: Spinoff of is it possible to afford a mortgage......
Posted by Beth1210
I think it really depends on what other bills you have
car payments
credit card
student loans- which can $$$$$$$
the kind of lifestyle you want to have
I don't think you can say if you make $XXX per year you can afford $XXXK house - b/c there are so many other factors involved
I agree, also the more you make the more you spend. If you are good with a budget and you don't have too many "extras" I think 125K could cover it. I do think it would be tight though
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| Posted 3/5/07 10:23 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Spinoff of is it possible to afford a mortgage......
Posted by mcl916
Posted by Beth1210
I think it really depends on what other bills you have
car payments
credit card
student loans- which can $$$$$$$
the kind of lifestyle you want to have
I don't think you can say if you make $XXX per year you can afford $XXXK house - b/c there are so many other factors involved
I agree, also the more you make the more you spend. If you are good with a budget and you don't have too many "extras" I think 125K could cover it. I do think it would be tight though
I also agree it would be tight. A $3000 per month mortgage just to walk in the door, not including anything else that month, it could easily cost $6000 per month for bills and expenses.
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| Posted 3/5/07 10:43 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: Spinoff of is it possible to afford a mortgage......
Posted by jsdesignz
so how much do you think is neccesary to support a 3000k mortgage with taxes a month....
just seeing what people think... living on long island is nuts nowadays........
seems like you have to be making over 125k to survive here starting out
We have a $3000+ mortgage and we make around that 125k salary combined. I don't find that it's too tough, although we're lucky because we don't have the usual bills that others do.
-I don't have a car payment-i own.
-i pay $125 a month for my student loan, he doesn't have a loan.
-We only have about $800 on our credit card.
You definitely have to factor in other bills. Car insurance, home insurance, LIPA, Cablevision, car payment, credit card payments, loans, oil, etc. I would definitely make a list of the bills you currently have and the quotes you've received on other bills you'll be acquiring.
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| Posted 3/6/07 9:02 AM |
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Re: Spinoff of is it possible to afford a mortgage......
thanks...
it is just so hard when you realize what young people starting out here have to do and make for a starter home compared to elsewhere across the country.... i guess that is why so many peole are moving away!
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| Posted 3/6/07 9:16 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Spinoff of is it possible to afford a mortgage......
Posted by aliwnec10
Posted by jsdesignz
so how much do you think is neccesary to support a 3000k mortgage with taxes a month....
just seeing what people think... living on long island is nuts nowadays........
seems like you have to be making over 125k to survive here starting out
We have a $3000+ mortgage and we make around that 125k salary combined. I don't find that it's too tough, although we're lucky because we don't have the usual bills that others do.
-I don't have a car payment-i own.
-i pay $125 a month for my student loan, he doesn't have a loan.
-We only have about $800 on our credit card.
You definitely have to factor in other bills. Car insurance, home insurance, LIPA, Cablevision, car payment, credit card payments, loans, oil, etc. I would definitely make a list of the bills you currently have and the quotes you've received on other bills you'll be acquiring.
I agre with this poster about making a list.
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| Posted 3/6/07 9:24 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Spinoff of is it possible to afford a mortgage......
Posted by jsdesignz
thanks...
it is just so hard when you realize what young people starting out here have to do and make for a starter home compared to elsewhere across the country.... i guess that is why so many peole are moving away!
It is hard! So many of my friends have brand new homes and are paying so much less than what we will be!!!
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| Posted 3/6/07 9:27 AM |
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domsmom52704
Family is everything!!!
Member since 5/05 1989 total posts
Name:
Jess
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Re: Spinoff of is it possible to afford a mortgage......
Lets put it this way...FH and I make in a little over $130 a year abs we are bidding on e house that will be costing us about $3700 a month not including utilities and we figured out the finances and it is doable for us.
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| Posted 3/6/07 9:38 AM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: Spinoff of is it possible to afford a mortgage......
Posted by jsdesignz
thanks...
it is just so hard when you realize what young people starting out here have to do and make for a starter home compared to elsewhere across the country.... i guess that is why so many peole are moving away!
it's very hard!!! We built a house and the cost of a construction loan versus a mortgage is insane. We paid about $5000 a month during our construction phase!!!  It definitely burnt our savings quite a bit, but it was necessary you know? Unfortunately you have to do it and you have to sacrifice other things (spending, vacations, shopping, etc).
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| Posted 3/6/07 9:42 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Spinoff of is it possible to afford a mortgage......
Posted by aliwnec10
Posted by jsdesignz
so how much do you think is neccesary to support a 3000k mortgage with taxes a month....
just seeing what people think... living on long island is nuts nowadays........
seems like you have to be making over 125k to survive here starting out
We have a $3000+ mortgage and we make around that 125k salary combined. I don't find that it's too tough, although we're lucky because we don't have the usual bills that others do.
-I don't have a car payment-i own.
-i pay $125 a month for my student loan, he doesn't have a loan.
-We only have about $800 on our credit card.
You definitely have to factor in other bills. Car insurance, home insurance, LIPA, Cablevision, car payment, credit card payments, loans, oil, etc. I would definitely make a list of the bills you currently have and the quotes you've received on other bills you'll be acquiring.
I can see this with no other bills. We have a kid and therefore don't forget to factor in chid care costs which runs us $1000 a month (and it can be more).
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| Posted 3/6/07 10:44 AM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Spinoff of is it possible to afford a mortgage......
Posted by domsmom52704
Lets put it this way...FH and I make in a little over $130 a year abs we are bidding on e house that will be costing us about $3700 a month not including utilities and we figured out the finances and it is doable for us.
Do you bring home $130K a year? or that's gross?
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| Posted 3/6/07 10:45 AM |
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Re: Spinoff of is it possible to afford a mortgage......
Message edited 3/6/2007 5:34:30 PM.
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| Posted 3/6/07 11:50 AM |
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