What percentage of your budget is your mortgage?

[lovebeingamomma]

Mine's 27%, I'd like to compare.

[HisBeautifulWife]

What will a comparison tell you? No tude, just wondering.

[annethcz]

Are you talking gross income or net? If it's net/take-home, do you mean after taxes? Or after taxes, insurance, 401(k) contributions, etc? So many variables

Our minimum mortgage payment is about 29% of our gross income, but we do pay extra towards the principal each month.

[NotBroken]

Mine is approximately just under 30%.

[limette]

If you are counting from our take home income (minus the taxes, EI etc) ours is 18%.

[NotBroken]

I am using net pay and including taxes.

[Ruthie's momma]

23%

*Mortgage payment includes property tax and homeowner's insurance

[Smocked]

well, is was about 33%, but our tax went up and pay went down so now it's 46%. Does that make you feel better

[bobandjess99]

bring home income here is about $2500, and mortgage, which includes taxes and insurance, is $550, so about 22%.

[polyhymnia]

We don't own yet but are looking, and the maxmium mortgage we are considering (mortgage, tax, insurance) is 32% of our take-home (after taxes, 401k contributions, healthcare premiums, bus passes and flex spending accounts), not including bonuses.

[samandhenrysmom]

Ours is about 20%.

[corrie43]

not sure of exact percentage it is really high.... That is a primary mortgage and a helpoc we took out to buy the house. We did it that way to avoid PMI.. So we have $1100 mortgage payment and a $400 heloc payment.. Our income is approx $3000 a month, so we have an almost 50% mortgage payment....

We have 15K left on the heloc.. After that it won't be as high because we can ditch the 400 a month payment...

[mightymoo]

Currently 36% of our monthly budget (after tax income). Our budget doesn't necessarily include any bonuses DH may get during the year. It does include property taxes.

[meandmine]

More than 50% of *my* take home. I also get CS so it drops a bit below 50%. I took it on so I could get the house out of stbx's name.

It is unsustainable and so I am thinking about selling.

M

[velochic]

Our mortgage itself is 5.7% of our gross. After they take out retirement, insurance, taxes, etc. and including homeowner's insurance and property taxes that are paid into escrow in our monthly mortgage payment, our total mortgage from net is 9.4%.

I bought the house before I was married and had a child. At the time that I bought it, my house payment was 12% of my pay.

Not buying a new home when dh and I became DINKS (double income, no kids) allowed us to have me stay home with no changes at all to our lifestyle when dd came along.

[yeahwhat]

15.6% of net pay. But that's just mortgage. Once I add in insurance and property taxes, it's 23.7%

[astar326]

this has been eye opening for me. currently with 2 incomes our motgage is about 18%. but i'm looking to become a sahm in the next few months which will shoot our % up to 36%. wow

[Eman'smom]

16% of our net. Wow typing that out it seems like we should be living a much grander life than we really are.

[crunchy_mama]

Last year our mortgage(including the taxes, insurance and separate earthquake insurance paid into an escrow account) was 11.4% of our gross pay. When talking net pay it is probably about 20% -25%. Dh's pay has recently been cut due to the sluggish economy so I anticipate the figures will look much different next year as it is currently about 25% of take home pay, when it was 20% earlier this year. I am hoping(as is everyone) for pay to be reinstated.

- We pay our mortgage as a 15 yr loan though instead of the 20 yr we originally took out. I have always paid the extra so honestly I couldn't say would it would be at the 20 or even a 30 if we had done that.

[~Laura~]

We are at 12% of take home. It's a 15-year mortgage, and we typically pay $500 extra towards the principal each month, but don't have to, so I didn't include that amount.

Laura