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amber1
LIF Infant
Member since 4/06 190 total posts
Name:
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Reasonable mortgage payment for salary
Having a debate with a family member. In your opinion is a $3000-3500 mortgage (incl. taxes) a reasonable mortgage for a family bringing in $150,000 a year? Assume daycare is needed for 2 kids.
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Posted 8/21/09 10:27 PM  |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Reasonable mortgage payment for salary
The daycare is throwing me off...depends on how much. But, I think it is a reasonable mortgage for that salary.
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| Posted 8/21/09 10:29 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Reasonable mortgage payment for salary
To me, no, it is to much of a monthly mortgage. I would think 2500 a month is more reasonable if you also have child care costs. I mean, if you don't save for retirement or any fun things, yes, then perhaps someone could technically afford it, but it would be way to close for comfort for me personally. I would also take into consideration if they also have student loans or cc debit too.
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| Posted 8/21/09 10:38 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Reasonable mortgage payment for salary
It's a bit high. I would defer to the lower amount. Maybe below $3K.
Daycare for two kids has to be about $1500 a month or more right?
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| Posted 8/21/09 10:50 PM |
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maddysmommy
LIF Infant
Member since 8/08 304 total posts
Name:
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Re: Reasonable mortgage payment for salary
I guess it depends, I'm sure you could do it, but with no room for extras.
Personally, I'm more conservative and would aim closer to $2500. Especially after shopping for daycares, the good ones always seem to be more expensive.
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| Posted 8/21/09 10:54 PM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: Reasonable mortgage payment for salary
No. I think it's way too high. I would not be comfortable with a mortgage payment that high on that salary.
Message edited 8/21/2009 11:04:10 PM.
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| Posted 8/21/09 11:03 PM |
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msf32
LIF Infant
Member since 7/08 62 total posts
Name:
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Re: Reasonable mortgage payment for salary
I think it is doable, but it'll be tight. I have no clue what daycare costs are, but if it is $1500, I still think you can do it. it'll just mean curtailing dinners out and extra shoe shopping  Why don't you google and download a budget sheet to break down the numbers and see if it's doable? Good luck!
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| Posted 8/22/09 12:06 AM |
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donegal419
St. Gerard, pray for us.
Member since 7/07 7650 total posts
Name:
K
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Re: Reasonable mortgage payment for salary
yes... dh and i make a little less than that combined and our mortgage is on the low end of what was quoted. we only have 1 child though but we're doing fine. we save, we go on a nice vacation each year, etc. i really think the bigger question is how you manage money and what your priorities are.... for some people that would be way too high, and for others they could handle it no problem.
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| Posted 8/22/09 12:13 AM |
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ttcing
LIF Adolescent
Member since 8/09 851 total posts
Name:
Mel
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Re: Reasonable mortgage payment for salary
I think that is high. Dh and I make a combined income of 150,000 and we are looking at mortgage costs of the most 2000 a month. You have to take into consideration taxes and everything else that goes with a home. In all it comes out to b about another 1500-2000 on top of ur mortgage. I'd feel strapped and i want to make sure that I feel comfy and not feel house poor each month!!
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| Posted 8/22/09 1:25 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Reasonable mortgage payment for salary
Posted by amber1
Having a debate with a family member. In your opinion is a $3000-3500 mortgage (incl. taxes) a reasonable mortgage for a family bringing in $150,000 a year? Assume daycare is needed for 2 kids.
No that's too much mortgage IMO with two kids in daycare.
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| Posted 8/22/09 5:51 AM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Reasonable mortgage payment for salary
does the house need work too?
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| Posted 8/22/09 7:40 AM |
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Re: Reasonable mortgage payment for salary
Posted by LSP2005
To me, no, it is to much of a monthly mortgage. I would think 2500 a month is more reasonable if you also have child care costs. I mean, if you don't save for retirement or any fun things, yes, then perhaps someone could technically afford it, but it would be way to close for comfort for me personally. I would also take into consideration if they also have student loans or cc debit too.
agreed. for me personally, i would prefer to be more in the 2500-2800 price range with that income.
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| Posted 8/22/09 8:39 AM |
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amber1
LIF Infant
Member since 4/06 190 total posts
Name:
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Re: Reasonable mortgage payment for salary
Just to clarify- I meant $3000-3500 inclusive of taxes so that your monthly payment of mortgage and taxes is b/w 3000-3500, know what I mean? I guess you need to add another 100 or so a month on for homeowners insurance. Does this change anyone's answer?
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| Posted 8/22/09 9:23 AM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Reasonable mortgage payment for salary
DH and I make a little less than that and have no children. We are looking to spend around 2000 per month including taxes and insurance. I would not feel comfortable going above 2500.
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| Posted 8/22/09 9:30 AM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: Reasonable mortgage payment for salary
i think around 3000 to 3200 is doable but over that is pushing it and money could be really tight
what if something major happens like needing a new furnace or something....if your tight on money you could end up in trouble fast
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| Posted 8/22/09 9:32 AM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: Reasonable mortgage payment for salary
DH and I combined make a little less than 200K Our mortage is 4500 a month and we have one kid in daycare. Money is tight....I wish we had bought a cheaper house. My advice is to write down all your expences and see how much you have left over each month. If you are ok with that then go for it.
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| Posted 8/22/09 9:33 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
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Re: Reasonable mortgage payment for salary
I think it would be doable but cutting it close (assuming daycare is 1500 a month).
I would make sure you have a comfortable cushion for home repairs, utiltities, cars & insurance, groceries, other bills and misc. spending.
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| Posted 8/22/09 9:34 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: Reasonable mortgage payment for salary
Posted by LSP2005
To me, no, it is to much of a monthly mortgage. I would think 2500 a month is more reasonable if you also have child care costs. I mean, if you don't save for retirement or any fun things, yes, then perhaps someone could technically afford it, but it would be way to close for comfort for me personally. I would also take into consideration if they also have student loans or cc debit too.
ITA. There would be no room for savings, or other items, and definitely not with childcare. I think that would be stretching it too thin and could lead to trouble. With that income, plus child care, would be better to be in the $2000-2500 monthly range.
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| Posted 8/22/09 9:45 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Reasonable mortgage payment for salary
Posted by ave1024
Posted by amber1
Having a debate with a family member. In your opinion is a $3000-3500 mortgage (incl. taxes) a reasonable mortgage for a family bringing in $150,000 a year? Assume daycare is needed for 2 kids.
No that's too much mortgage IMO with two kids in daycare.
DH and i will be paying about $3200 a month (includes taxes and insurance). we will have 2 kids in day care. we make almost exactly 150K combined. we'll be just fine  even with all our bills 
ETA: we've been saving $$ for months to have cushion after we close, and because of the $8K tax credit, we'll be fine in case of emergencies. it's about planning ahead!
Message edited 8/22/2009 10:02:09 AM.
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| Posted 8/22/09 10:00 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: Reasonable mortgage payment for salary
Posted by ave1024
Posted by amber1
Having a debate with a family member. In your opinion is a $3000-3500 mortgage (incl. taxes) a reasonable mortgage for a family bringing in $150,000 a year? Assume daycare is needed for 2 kids.
No that's too much mortgage IMO with two kids in daycare.
2 kids in daycare will cost almost $2000 a month plus $3500 a month in mortgage plus other expenses...I definitly do not think $150,000 a year would cut it at all honestly.
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| Posted 8/22/09 10:16 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Reasonable mortgage payment for salary
i think you'll probably be ok at $3K, but $3500 might be pushing it. If you have a nice cushion in savings (daycare wont be forever) you could manage.
Good luck!
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| Posted 8/22/09 10:28 AM |
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Newly1
I love my baby boy!
Member since 6/08 2804 total posts
Name:
H
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Re: Reasonable mortgage payment for salary
DH and i bring in about that much every year and there is no way we would have afforded a mortgage that high. From what i hear day care runs about 1000-1200/month for 1 child. I also have student loan expenses, which dosnt help. Plus..after buying our house, we had no clue how much work we really needed to put into it. We thought it was move in condition.....but turns out we may need to gut and redo our entire basement which will run us almost 20K. (in addition to the other repairs we already knew about) You will be surprised how many unplanned expenses really DO come up! My mortgage is a lot lower than that and i am already wishing we went with a less $ house.
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| Posted 8/22/09 10:47 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Reasonable mortgage payment for salary
It's possible, but my question is do you have any savings? God for bid something happens, you have a cushion to fall back on?
I don't know what your lifestyle is, but you would def have to cut back on going out to dinners, not sure if you also have car payment and credit card debt, but you have to take all of these into consideration.
I would make a list of all your monthly expenses, not including the house and see what that in itself adds up to.
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| Posted 8/22/09 10:55 AM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: Reasonable mortgage payment for salary
As previous posters have said, i think the other factors play a big part in this - how much other debt, car payments, how secure are each person's job, liifestyle, etc.
I think you could do it but it would be extremely tight. You also have all your other bills - utilities, food, clothing, saving for retirement, etc.
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| Posted 8/22/09 1:13 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: Reasonable mortgage payment for salary
i would say that's way too high. you'll be cutting it close with other bills--credit cards, LIPA, water, food, etc.
if it wasn't for the daycare it would still be tight because you wouldn't really be able to save too much.
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| Posted 8/22/09 2:25 PM |
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