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Take home pay: About $11K per month
Mortgage: $3,270
So, about 29.7%
But, due to tax deductions for mortgage interest and state property taxes, my effective mortgage is closer to $2,600 per month, so the real number is around 23.6%.
Housing costs are close to fixed. Income in my line of work (none) tends to bounce around some. I view these percentages as effects -- not drivers -- of my situation. The latter in any overall sense is meanwhile fine.
Am I misunderstanding something? Isn't that a take home of $144k? It's a good income, but doesn't seem like something insane for a dual income professional couple.
I wish. In what has turned out to be the worst financial decision I have ever made, I purchased my home right before everything fell apart in 2005. It is nowhere near a $800K home. Closer to half of that, actually.
11% net 7.8% gross. I pay my property taxes and home owner's insurance all at once [comes out of a fund which I have set aside for that purpose so it doesn't factor into my monthly expenses (since unfortunately, the banks won't let you pay it all up front each year, which is what I did when I owned my house and didn't make any mortgage payments!)] so I'm just counting the principle and interest. But if people are dying to know that figure, that would make it 14.8% net and 10.5% gross. I just don't count it since I'm only taking into account the part that would be a detraction from the amount I take in from work each month (gross or net).
I wish. In what has turned out to be the worst financial decision I have ever made, I purchased my home right before everything fell apart in 2005. It is nowhere near a $800K home. Closer to half of that, actually.
Mortgage, taxes, and HOA are close to 40% of net. ~24% of gross.
Well within my tolerance.
I am in the same boat. Keep in mind that I don't have any kids/dependents and I don't have any debt. (besides my mortgage)
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