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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: Reasonable mortgage payment for salary
I think it is high
DH and I make about 165K with 1 in daycare; we are looking for our mortgage to be about $2500
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Posted 8/24/09 6:44 PM  |
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Prudential Douglas Elliman Real Estate
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Reasonable mortgage payment for salary
I think it's def too much
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| Posted 8/24/09 7:25 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Reasonable mortgage payment for salary
We make about $175k a year have a $2800 a month mtge which includes taxes & ins, we save a littl emore then $1000 a month, and we eat out, go places, fix the house etc.... I do not know what we are gonna do when we have 1 child in daycare let alone 2. I am more then willing to give up, but you still need to save every month. God forbid something happens where you need cash fast. Do not strap yourself ..... Take into account all the other bills that come along witha house.
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| Posted 8/24/09 8:00 PM |
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ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: Reasonable mortgage payment for salary
That is our situation and it is VERY tight and stressful for us.
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| Posted 8/24/09 8:21 PM |
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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 MrsFresca
It's not doable at all.
If you don't have to pay for childcare, there's room to do this but having to pay for childcare for 2 children, it's impossible. Maybe with 1 child in daycare....but it will be tight.
like i posted earlier - it IS doable, this is EXACTLY what DH and i will be doing. combined salary of 150K, mortgage payment (including taxes, insurance and everything else) will be $3200. 2 kids in day care.
it's not ideal, and will it be tight? sure! but it will be worth it 
we have the means to buy a house now, while the market is better for buyers. our kids won't always be in daycare, but this opportunity was too good to pass up.
ETA: we didn't go into this blindly. we sat down with our mortgage broker and figured out what we could reasonably afford to pay with the expenses we have. and like i also posted earlier, we've been saving so we have a cushion for emergencies, plus we'll get the $8000 tax credit.
Message edited 8/24/2009 8:58:12 PM.
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| Posted 8/24/09 8:56 PM |
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MrsGmomof3
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Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: Reasonable mortgage payment for salary
IMO, thats WAY too much.
Figuring in the costs of heat, water, electric, cars, insurance, food, gas, etc etc etc PLUS daycare, I would say a mortgage payment of NO MORE THAN $2500 would be feasible.
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| Posted 8/24/09 9:02 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Reasonable mortgage payment for salary
take it from ppl that own a home, a lot of things come up unexpectedly. I think that is too much considering daycare costs, even if its short term..thats all it takes to get into trouble. Unless you have 6-8 mos emergency savings AFTER buying the house I would not advise taking on that monthly payment. Good luck to you!
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| Posted 8/24/09 9:15 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Reasonable mortgage payment for salary
we come in slightly over that combined (about 170) and carry a 3100 mortgage, still managing to save. i think it is doable.
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| Posted 8/24/09 10:45 PM |
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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: Reasonable mortgage payment for salary
I think if it works, it would be tight. I mean you don't realize how much you can cut out until you have to budget like that. Don't forget how much utilities can add up as well.
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| Posted 8/25/09 8:04 AM |
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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
Posted by mrskparetta
we come in slightly over that combined (about 170) and carry a 3100 mortgage, still managing to save. i think it is doable.
Do you have two kids in day care full time?
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| Posted 8/25/09 8:40 AM |
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LIMOMx2
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Member since 5/05 24989 total posts
Name:
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Re: Reasonable mortgage payment for salary
With Daycare added in I say no. If there was no daycare def!
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| Posted 8/25/09 8:59 AM |
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LAMGAJ28
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Member since 10/05 6039 total posts
Name:
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Re: Reasonable mortgage payment for salary
Message edited 9/25/2011 1:22:12 PM.
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| Posted 8/25/09 4:21 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Reasonable mortgage payment for salary
its hard to comment. Daycare can cost completely different depending on the area/programs etc. For me daycare is at my job (why i stay here even though i do not have kids when I do its such a great option) and is based on salary.
If you can pay all your bills, daycare, etc and have a few hundred a month to save I think its okay. To me having a few hundred dollars a month to save is minimum if you can't do that then maybe look for a little less money on a house.
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| Posted 8/25/09 4:28 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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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 looks way to high for a total HHI of $150k with kids and day care
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| Posted 8/25/09 4:53 PM |
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diva7531
My Peanut
Member since 2/07 5199 total posts
Name:
Ryan 3 boys EDD 11/6!
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Re: Reasonable mortgage payment for salary
I would say it depends on the stability of your jobs, what type of raises you will get in the future and how much daycare is. Is it full time day care or before and after?
I think it'll be tight but doable.
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| Posted 8/25/09 7:31 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Reasonable mortgage payment for salary
Posted by Blu-ize
Posted by mrskparetta
we come in slightly over that combined (about 170) and carry a 3100 mortgage, still managing to save. i think it is doable.
Do you have two kids in day care full time?
no but if we didnt spend as we do (my shopping habbits, dinners out, vacations, donations and added to our savings, we could manage it.
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| Posted 8/25/09 8:39 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
Posted by ilt1221
take it from ppl that own a home, a lot of things come up unexpectedly. I think that is too much considering daycare costs, even if its short term..thats all it takes to get into trouble. Unless you have 6-8 mos emergency savings AFTER buying the house I would not advise taking on that monthly payment. Good luck to you!
as someone who in the last month had to shell out $800 for an emergency plumber (haven't even addressed the $$$ to replace the ruined walls and ceiling yet!), and another almost $500 for an exterminator---BOTH of which we were not expecting, i totally agree. we have an almost 6 month cushion in the bank, but things like this come up all the time when owning a home. if we were living paycheck to paycheck, i don't know what we would have done.
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| Posted 8/25/09 8:42 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Reasonable mortgage payment for salary
Posted by mrskparetta
Posted by Blu-ize
Posted by mrskparetta
we come in slightly over that combined (about 170) and carry a 3100 mortgage, still managing to save. i think it is doable.
Do you have two kids in day care full time?
no but if we didnt spend as we do (my shopping habbits, dinners out, vacations, donations and added to our savings, we could manage it.
Do you both max out your 401k? Have commutting costs?
We are over $150k with a payment of $3,800 and after FSA, 401k, commuting costs, car payments, etc there isn't a ton for the kid and rainy day funds
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| Posted 8/26/09 10:45 AM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: Reasonable mortgage payment for salary
No. My DH and I made well over $150,000 last year and he pays child support (which would equal daycare for 2 kids) and our mortgage with taxes and insurance is less than $3000 and we are making it but need to use credit cards for necessities at times. I would definitely not sign up for a $3000-$3500 mortgage with daycare at that salary. Too stressful!
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| Posted 8/26/09 11:16 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
I think the point is you shouldn't kill yourself to afford the house.
Being house poor is no fun.
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| Posted 8/27/09 10:44 AM |
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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
I have to say that I find it extremely telling that all of the girls who already own homes and have children or pay child support are all saying that a mortgage at that rate is not feasible and those that are about to purchase or are toying with the idea think it is feasible.
I personally would never want to be house poor, having seen both friends and family go through it and really struggle, it is so sad and hard for them. Just some food for thought.
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| Posted 8/27/09 11:11 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 LSP2005
I have to say that I find it extremely telling that all of the girls who already own homes and have children or pay child support are all saying that a mortgage at that rate is not feasible and those that are about to purchase or are toying with the idea think it is feasible.
I personally would never want to be house poor, having seen both friends and family go through it and really struggle, it is so sad and hard for them. Just some food for thought.
i can understand this, but i can tell you i'd rather spend every last dollar i have on a house, mortgage, and everything that comes along with it than continue to rent, move from apartment to apartment as rent continues to increase, and have absolutely no equity to show for it.
plus with the market the way it is now, it would take DH and i YEARS to buy a house if we waited until the market improved. for us, it's totally worth the risk.
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| Posted 8/27/09 12:11 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Reasonable mortgage payment for salary
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Message edited 9/16/2009 4:51:23 PM.
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| Posted 8/27/09 12:35 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: Reasonable mortgage payment for salary
Posted by headoverheels
Posted by LSP2005
I have to say that I find it extremely telling that all of the girls who already own homes and have children or pay child support are all saying that a mortgage at that rate is not feasible and those that are about to purchase or are toying with the idea think it is feasible.
I personally would never want to be house poor, having seen both friends and family go through it and really struggle, it is so sad and hard for them. Just some food for thought.
i can understand this, but i can tell you i'd rather spend every last dollar i have on a house, mortgage, and everything that comes along with it than continue to rent, move from apartment to apartment as rent continues to increase, and have absolutely no equity to show for it.
plus with the market the way it is now, it would take DH and i YEARS to buy a house if we waited until the market improved. for us, it's totally worth the risk.
i think everyone is going to disagree on what is better....some people rather be "house poor" and have a house to show for it and other people rather not be "house poor" and live more comfortably and continue renting...
my DH and i have been wanting to buy a house for a few years but we didn't b/c the timing and the money was never right....i do agree that renting s-u-c-k-s, we've been renting for 4 years and lived in 2 apartments already.....but we are the type of people who know that we don't want to be "house poor"....as a matter of fact, we could buy and continue to live in NY if we wanted to - with what we make combined we could def afford a house here - and i'm sure we could figure out how to make it work - but we don't want to have to "figure it out" and have to worry about both of us always working, especially when we have kids....we're more conservative, we rather have money in the bank and money left over every month to spend....
we waited until the time was right.....we really wanted a house before our wedding but it ended up not being in the cards for us - but i'm glad we waited...we found a house we love, hopefully we close next week and our payments should be really affordable at $1,250 a month ....
to get there we had to sacrifice time (meaning we had to wait until we saved enough money) and we had to sacrifice the location - which not everyone wants to do or can do.....but for me leaving NY isn't that much of a sacrifice - we are leaving some family behind but we hope to start our own soon - and the warm weather and beaches shouldn't be too hard to get used to 
with that said, i would say your payment is way too expensive....but that is for ME and my comfort level....i wouldn't be comfortable with that kind of payment - combined salaries last year for us was 140k - if we bought up here i wouldnt want to pay any more than $2,500 on both of our salaries even though people we know who make the same or less than us have higher mortgages than that....we are the type that likes to have money to put away every month and money to go out - and with a house things are always going to come up, and bills will be higher than when you were renting, add in kids and there are a ton of other expenses you'll have over their lifetime....
the point is, everyone is different, i guess you have to do what you guys feel comfortable doing.....if it's going to be living check to check i wouldnt advise it - but if you guys know you can make it work and you are comfortable with it than i guess go for it....
Message edited 8/27/2009 12:46:01 PM.
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| Posted 8/27/09 12:43 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Reasonable mortgage payment for salary
I personally think it is too high for all the reasons that everyone has listed. That said, it really depends on how you want to live. If you want to work to pay your mortgage, then you can probably make it work. Although I hope your house does not need work because you will never have the money to fix it up.
Also for those who dont have kids yet, it isnt just daycare expenses that you need to worry about, expenses in general go up, food, travel, clothes, etc.... So you have to take that into consideration.
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| Posted 8/27/09 1:45 PM |
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