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azoodie
Member since 8/05 8377 total posts
Name:
Team SEXY BACK
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What percentage of your salary...
goes towards your mortgage?
Also - about how much do you have to allocate for heating and electric bills of a home? Any other costs that you weren't aware of before you bought your home that ended up being significant?
DH and I own a one bedroom right now so our heating and electric costs are very minimal. We are in the beginning stages of budgeting home costs.
Thanks! 
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Posted 4/30/11 2:29 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: What percentage of your salary...
Oil and electric alone are costly. We have a 3 bedroom center hall colonial. It costs us roughly $3,500/yr to heat with oil. If oil prices stay as high as they are it will be double this winter 
We also have CAC so it's $196/mo budget in the winter and $296/mo. In the summer monthly.
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| Posted 4/30/11 5:55 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What percentage of your salary...
my utility bills per month for a 4 bed/2bath high ranch (1800 sq. ft. or so) are:
$190 - LIPA (and I ran central air ALL summer)
$100 - Keyspan (we have gas stove and dryer)
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| Posted 4/30/11 9:36 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: What percentage of your salary...
I pay $250 a month for gas and electric year round for a 4 bedroom, 2 bath house. We use central air and keep it pretty cold and have a pool which increase the cost.
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| Posted 4/30/11 9:40 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: What percentage of your salary...
Oil for our home is aroughly $3K a year right now. Just shoot me.
Electric $1800 a year.
Mortgage incl taxes and insurance $32,700.
$37,500 just to own a house and live in it before eating. Nice right?
Message edited 5/1/2011 8:12:18 AM.
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| Posted 5/1/11 8:11 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: What percentage of your salary...
depends on if you mean before tax or after.
pre tax = 30% of take home is mortgage (not including utilities)
take home = 43% of take home is mortgage
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| Posted 5/1/11 11:27 AM |
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InShock2011
LIF Adolescent
Member since 4/11 722 total posts
Name:
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Re: What percentage of your salary...
30% of our take home pays our mortgage, real estate taxes, home owners insurance
2700 sqft home
we are home 3-5 days per week and our electric is about $150. we also have a hot tube and pool
in the peak of the summer with window air conditioners and pool running all the time it was $300
Gas is about $100 in colder months $60-$70 in warmer months and we keep the house around 65-70 all the time. I like to sleep with it cool at night
we have baseboard heating and we don't have CAC. CAC will prob decreas our electric in the summer because the window units are not great
water is cheap like $40 every 3 months
cable/phone/internet is a fortune but I'm sure you have it already
All I know is we left a good chunk of money in the bank after we closed just in case, and we've had to use it a few times. Thankfully nothing major broke but things do happen!
When buying the house, not only do you need your down payment, you need to repay the seller any taxes they have paid for the year, you have to escrow tax money (usually 6 months worth) you have to pay for an appraisal for the house, title search, some banks require recent surveys, you need a home inspection and terminate report, you will have to pay for your home owners insurance for one year and an attorney to do the closing. Some banks have fees to apply for the mortgage, some don't. I have some really great contacts of people I used for home inspection, real estate agent (buyers agent to represent you) mortgage broker at wells Fargo
other costs you may have- alarm, sewers in some areas but that's cheap too, PMI if you go FHA and don't put 20% down, village taxes if you buy in an incorportated village
If you need any names send me a message on FB
Good luck with your search!!!
Message edited 5/1/2011 4:52:03 PM.
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| Posted 5/1/11 4:47 PM |
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azoodie
Member since 8/05 8377 total posts
Name:
Team SEXY BACK
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Re: What percentage of your salary...
Oh my goodness my head is spinning 
I was thinking take home salary.
I am starting a new job in September so I don't even know if we will be pre-qualified based on my current salary. We have a baby and a one bedroom so we are still going back and forth on whether we want to sell the co-op and rent for a year so that we can be better buyers or if we should just jump right into a house.
I guess we should really be looking for a home with gas heating then! 
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| Posted 5/1/11 8:06 PM |
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azoodie
Member since 8/05 8377 total posts
Name:
Team SEXY BACK
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Re: What percentage of your salary...
Posted by InShock2011
If you need any names send me a message on FB
Aaaah yes please send them to me!! Our contacts are from 6 years ago and I wouldn't even know where to dig up the information!!! Thank you 
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| Posted 5/1/11 8:08 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: What percentage of your salary...
Mortgage + taxes: 23 percent of our take home, 18 percent of total
Gas: Comes out to an average of $300 a month, though it varies
Electric: $87 per month
I feel like when buying a home there are always some other costs that come up, so it's always good to have extra money put aside.
Message edited 5/1/2011 9:49:11 PM.
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| Posted 5/1/11 9:48 PM |
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piggy007
Mommy of 2!!
Member since 11/08 1742 total posts
Name:
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Re: What percentage of your salary...
Heating ...we are on balanced budget plan we pay $125 a month.
For Electric...our bill is usually around $300 a month.
We have a 4 bedroom 2 bath home...and we have electric appliances.
Message edited 5/3/2011 2:09:56 PM.
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| Posted 5/3/11 2:08 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: What percentage of your salary...
Posted by azoodie
Oh my goodness my head is spinning
I was thinking take home salary.
I am starting a new job in September so I don't even know if we will be pre-qualified based on my current salary. We have a baby and a one bedroom so we are still going back and forth on whether we want to sell the co-op and rent for a year so that we can be better buyers or if we should just jump right into a house.
I guess we should really be looking for a home with gas heating then!
gas can be just expensive. Get a home that has good insulation and windows. Before you buy ask for previous heating bills.
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| Posted 5/3/11 3:08 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: What percentage of your salary...
our mortgage and taxes are about 18% of our gross and about 25% of our take home
add to that utilities, that number goes up to about 32% of take home.
then there is food, gas, cars and car insurance, daycare and on and on and on 
Message edited 5/3/2011 5:24:35 PM.
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| Posted 5/3/11 5:24 PM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: What percentage of your salary...
Posted by azoodie
Oh my goodness my head is spinning
I was thinking take home salary.
I am starting a new job in September so I don't even know if we will be pre-qualified based on my current salary. We have a baby and a one bedroom so we are still going back and forth on whether we want to sell the co-op and rent for a year so that we can be better buyers or if we should just jump right into a house.
I guess we should really be looking for a home with gas heating then!
I had oil and converted to gas. Best $5500 we ever spent!!
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| Posted 5/3/11 11:46 PM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: What percentage of your salary...
Our mortgage and taxes are about 12% of our monthly take home pay, after taxes. BUT, keep in mind, we live in PA, right outside of Philadelphia, where the housing is sooooooooooooo much more affordable.
Our maintenance costs are unbelievable, and part of the reason why we are moving - our PECO bill is close to $600-$800 a month!! Everything else is fairly negligible, under $100 a month.
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| Posted 5/4/11 7:02 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What percentage of your salary...
ours is 26% of take home. that is after my 401k, which I put in 7% of my salary.
gross, it is 17%. Including taxes and ins.
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| Posted 5/4/11 7:39 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: What percentage of your salary...
50% of our joint money goes to mortgage, taxes and PMI. 
Message edited 5/4/2011 9:52:03 AM.
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| Posted 5/4/11 9:50 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: What percentage of your salary...
Mortgage, taxes, insurance and pmi are on primary residence are slightly less than 20% of take-home. We live in a very affordable area of LI though and we both work like dogs LOL
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| Posted 5/4/11 10:09 AM |
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KS13
Life is good.
Member since 6/10 1203 total posts
Name:
K
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Re: What percentage of your salary...
46% of take home, 30% of gross.
That includes our mortgage, taxes, PMI and home owners insurance.
This does not include utilities, water or cable. We just bought the house this weekend, so not sure what those bills will be yet 
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| Posted 5/4/11 10:24 AM |
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gdubs
This baby is awesome!
Member since 11/10 2467 total posts
Name:
Gina
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Re: What percentage of your salary...
Our mortgage is about 25% of our income and for a 4br 2.5bath house (2,000 square feet) our electric is $120 and gas is $110.
ETA: That is 25% after taxes.
Message edited 5/4/2011 10:54:32 AM.
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| Posted 5/4/11 10:51 AM |
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