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Old 01-24-2019, 11:05 AM
 
4,956 posts, read 2,246,027 times
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Quote:
Originally Posted by pipsters View Post
I'm wondering what a normal mortgage payment would be. Let's pretend for two 30 something "professionals" ie both work and have degreed jobs. I'm not talking uber frugal or on the ragged edge house poor, I mean normal.

I'm starting to think I might be unrealistic in my quest for a home to meet our requirements...ie I should bump up the budget. But feeling really out of my comfort zone. Current house was bought for $175k when our income was lower and I'm stuck on that $1,100 mortgage payment of which $600 a month comes back to me in principal reduction (so net $500/month).

One thing I need to keep reminding myself is our income would grow by about $1,000 month due to no state income tax. So there's that. But the prospect of a $2,000/month mortgage payment scares the hell out of me, or spending the equivalent in cash to purchase such a high priced property.

But we really need to leave. Our neighborhood is starting to turn and we do not fit in with our neighbors on a socioeconomic level, and I don't want to make the same mistake again (we just couldn't afford a nicer house when we bought).

Looking in Dallas, TX but could be for anywhere.
Put 20% down, then the payment should be less than 30% of your gross. (Less than that, if you have a lot of other debts.)
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Old 01-24-2019, 11:11 AM
 
25,820 posts, read 32,804,078 times
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Quote:
Originally Posted by pipsters View Post
Gross is around 22.5 but we have 401ks come out plus taxes etc.

Edit...but I have no intention of spending 30% of that on a mortgage but was looking for I guess what most professional working people would spend without being "cheap".
What??
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Old 01-24-2019, 11:13 AM
 
11,027 posts, read 8,447,177 times
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OP, normal is what you are comfortable paying. Any online mortgage calculator will show you estimated payments. Look at the average prices in the areas you like.
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Old 01-24-2019, 11:14 AM
 
18,724 posts, read 13,497,174 times
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Quote:
Originally Posted by ChessieMom View Post
What??
Id take that as 22,500 a month in income
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Old 01-24-2019, 11:22 AM
 
255 posts, read 131,455 times
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Quote:
Originally Posted by Lowexpectations View Post
Id take that as 22,500 a month in income
oh lol yall rich. smh 2000 a month should be feel like 200 a month for us non-rich folks. Please tell us what you do!
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Old 01-24-2019, 11:24 AM
 
25,820 posts, read 32,804,078 times
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Quote:
Originally Posted by Lowexpectations View Post
Id take that as 22,500 a month in income
Oh good LORD. And he is worried about a $2000 mortgage payment???? What am I missing?
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Old 01-24-2019, 11:27 AM
 
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Quote:
Originally Posted by Jlong2315 View Post
oh lol yall rich. smh 2000 a month should be feel like 200 a month for us non-rich folks. Please tell us what you do!
Im not sure what the OP does but my housing cost pit&i run me 3300 a month. We had a monthly gross somewhere around 17.5 when we took out the loan and now it is 27k
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Old 01-24-2019, 11:34 AM
 
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Quote:
Originally Posted by Lowexpectations View Post
Im not sure what the OP does but my housing cost pit&i run me 3300 a month. We had a monthly gross somewhere around 17.5 when we took out the loan and now it is 27k
oh you're rich too!!! What do you guys do?
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Old 01-24-2019, 11:49 AM
 
4,279 posts, read 1,839,084 times
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If OP's monthly gross is 22.5K I think they are being overly conservative. And OP, it sounds like you don't currently like where you live. If you are not happy I would say pay the larger mortgage if it means moving to where you will still be happy. You should get by fine still.
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Old 01-24-2019, 11:52 AM
 
18,724 posts, read 13,497,174 times
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Quote:
Originally Posted by Jlong2315 View Post
oh you're rich too!!! What do you guys do?
My wife is in sales and Im in wealth management.
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