What do you feel ok with paying for mortgage in this area? (rent, health insurance)

[dmv101010]

If you were to gross 113K/Year would you feel ok with a 2300/month mortgage with no other comusmer debt?
Housing is so high here in NOVA and I am wondering what other people are willing to spend on a mortgage according to their income. Please don't mind my noisyness!

[CaliTerp07]

That's slightly higher than ours. We made a combined approximately $130k when we bought our house a couple years ago, and our mortgage payment (PITI + HOA) is $2200. No other debts.

[hilsmom]

Very similar to our numbers - we started just shy of $2400/month and refied a year later to just shy of $2300/month. We had (and still have) a car payment. No student loans and had minimal consumer debt.

As long as you are comfortable with your savings otherwise (retirement, 529s, etc) and have a little cushion for the unexpected, I think that is reasonable.

[jillybean720]

It really depends on your personal comfort level. We have household annual gross income of about $170k, and we just bought our home last year with a monthly payment (including escrow, so PITI) of about $2100. We don't have any credit card debt, only had one very low car payment at the time (less than $200/month), and about $110/month student loan. We do own another home (the one we moved out of) that we now rent out, so we were purposely cautious knowing that if we ever had trouble finding a tenant, we would be on the hook for paying two full monthly PITI payments.

[dmv101010]

this is a really hard choice, with housing so high this payment would be the same as rent, think leesburg, ashburn, sterling area.

[dystopian]

mortgage affordability calculator says (not me)...

113k a year with zero debt, 30yr 3.8%, you can afford 3,390 total toward a mortgage.

Maybe this is high to posters on the forum but then again I think the posters so far have been fairly conservative in their decision making for a mortgage payment based on the provided information

[ACWhite]

It also depends on the likelihood that your income will be stable or increase (versus decrease due to furloughs, variation in level of business, etc., or a job loss of you or a spouse), how many people are living on that income, etc., and many other factors.

[dystopian]

You also have to consider your needs. Some dual income professionals have no children thus are able to have more versatility of where they live and the size home. If you have a family with 2-4 kids, you get creative with making a budget stretch to afford the home that you can provide them.

AC White touched on the essence, your affordability is unique to your situation. What is your lifestyle like? Do you spend lavishly, best restaurants, fashion clothes and the latest autos? The calculator model I posted is a good tool in that I feel they provide the maximum the most risky buyers should entertain without putting themselves in a really tough spot.

[farplaner]

Originally Posted by dmv101010

If you were to gross 113K/Year would you feel ok with a 2300/month mortgage with no other comusmer debt?
Housing is so high here in NOVA and I am wondering what other people are willing to spend on a mortgage according to their income. Please don't mind my noisyness!

That's actually about the same of what my numbers are. 120K/year with 2500/month mortgage with no other debt. It's fine

I would make sure that it is the final payment number per month though, including escrow payments etc.

[hilsmom]

I base most of our monthly cash flow decisions on actual take home - so my numbers and the online calculator numbers don't match up. That payment is close to 30% of our monthly take home pay (after taxes and other deductions like health insurance premiums). We also take a good deal of money for retirement and other savings out of our monthly take home pay.