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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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% of your salary
What % of your salary do "they" say should go toward your mortgage? Thanks
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Posted 7/11/06 7:11 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: % of your salary
If it's just mortgage I would say 25%
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| Posted 7/11/06 7:14 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: % of your salary
according to Fannie Mae, you should not buy a house more than 2.5x your annual salary. which is not very possible on LI unless you make a LOT!
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| Posted 7/11/06 7:46 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: % of your salary
I was always told no more than 28% of your gross income.
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| Posted 7/11/06 8:09 PM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: % of your salary
Thanks. Guess we'll just be in debt like the rest of NY!
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| Posted 7/11/06 9:31 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: % of your salary
Posted by SweetestOfPeas
according to Fannie Mae, you should not buy a house more than 2.5x your annual salary. which is not very possible on LI unless you make a LOT!
That's how they calculated ours but that was 10 years ago and the prices were barely nothing compared to today!!!
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| Posted 7/11/06 9:35 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: % of your salary
I heard/read 33%. Here's a great link with lots of information on home ownership.
Home Ownership Advice - Suze Orman
Message edited 7/11/2006 11:01:29 PM.
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| Posted 7/11/06 10:58 PM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: % of your salary
Also, they say the % should be of your gross, but to err on the side of caution, try the % with your net or take home pay!
Ie: Gross Net
$6000 $4200
x 33% x33%
______ ______
$1980 $1386
There can be a big difference between what you can afford (see here about $600) but that can be just the amount that predicts living comfortably vs. working just to live.
ETA: If I calculate our net by 30%, our estimated payment is exactly what our mortgage is to the penny! 
Message edited 7/11/2006 11:05:53 PM.
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| Posted 7/11/06 11:01 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: % of your salary
is it just the mortgage, or taxes and insurance too?
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| Posted 7/12/06 8:40 AM |
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MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: % of your salary
The 25% figure is usually just the mortgage. But if people are showing the 33% figure, it usually is to include taxes, insurance, etc.
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| Posted 7/12/06 8:46 AM |
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Heather617
My Babies
Member since 5/05 2566 total posts
Name:
Heather
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Re: % of your salary
Posted by MommaG
I was always told no more than 28% of your gross income.
I had heard 28% also
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| Posted 7/12/06 8:49 AM |
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2kids2cats
My babies
Member since 6/05 5229 total posts
Name:
f
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Re: % of your salary
I was including mortgage, taxes, and insurance. And it's a lot gross, I won't even attempt it with our net income
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| Posted 7/12/06 9:15 AM |
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maryg
LIF Infant
Member since 5/06 196 total posts
Name:
Mary
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Re: % of your salary
they say 28-33% of your salary (b4 taxes of your gross income). it really isn't affording you a lot of house especially if you buying in li unless you put a ton down or make a ton.
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| Posted 7/12/06 9:37 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: % of your salary
I would definitely include taxes, insurance and any fees.
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| Posted 7/12/06 10:26 AM |
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