45 percent over mortgage???

I was watching a Suze Orman episode of home buying. She said to estimate 45% over your mortgage for taxes, insurance, utilities and other costs associated with owning a home. Isn't that a little high or is it realisitc?

Re: 45 percent over mortgage???

Let's see..

Mortgage w/o taxes and insurance is about $1900/mo.

Taxes add $580 plus insurance approx $150.

So taxes plus insurance is $730. Add Lipa $140= $870.

You have to add water, oil or gas and that really varies.

I would say that's conservative. I would add an average of $200/mo for oil and then there's always something that needs fixing in the house, I pay a landscaper..etc.

My overall average monthly housing costs w/o any fixing is about $3000.

Message edited 6/9/2006 8:47:55 PM.

Re: 45 percent over mortgage???

1900 is 57% of 3000.

So Suze is about right.

Re: 45 percent over mortgage???

I think she meant 45 % of the motgage,

45 of 1900 is 855, whick totals 2755,

so her estimates do seem a little conservative, based on what you said you spend. If she is correct, then if we had to pay 2500 a month in just mortgage, then we should estimate another 1125 for everything else (taxes, repairs, insurance, utilities).

Re: 45 percent over mortgage???

Yep-that's about right. Those numbers are w/o any repairs though..plumbing...electric..home depot trips!