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Do you think we make enough to pay our mortgage?

My husband and I are buying our 1st house, we make $3,662 a month, before taxes, and our mortgage will be under $1070 a month (including tax and insurance) It's a small house in Oregon, but I was wondering if you guys think we make enough, and if you aren't shy, I'd find it interesting to see what other people pay compared to their salary? If you find it offensive, no need to say. =)

 
breezymoon

Asked by breezymoon at 11:22 AM on Feb. 11, 2009 in Home & Garden

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Answers (6)
  • You need to take how much you take home, gross earnings, and take away everything you pay for ... i.e car payments, car insurance, cell phones, student loans, cable bill, etc. ... then you have to make sure you earmark money for your water bill, electric bill, gas bill, etc. ...

    Once you have how much you have left over, see if you can afford the mortgage. And make sure your mortgage payment includes your tax payment. Hopefully, after you do all these calculations, you have enough extra money left over for groceries and other misc. items that can come up.
    ap9902

    Answer by ap9902 at 12:00 PM on Feb. 11, 2009

  • They say your mortgage should be 25-33% of your take home pay. You're fine. Just budget yourself and don't ever use credit cards. A great book to get is Dave Ramsey's Total Money Makeover.
    feesharose

    Answer by feesharose at 11:26 AM on Feb. 11, 2009

  • There are a lot of other factors. Like how many kids you have, car payments, credit card debt. If you have just that payment, no kids and such then you would be fine. Just don't even come close to over extending yourself because being 'house poor' isn't fun. Yes you have a nice home, but can't go anywhere or do anything. Leave yourself a lot of extra money because with a home comes a lot of expenses (oil, taxes, home repairs).
    kboney29

    Answer by kboney29 at 11:29 AM on Feb. 11, 2009

  • You should be ok, you may just have to budget and be careful. We make about $3200 after taxes and our mortgage payment is $1254. We also have 2 car payments and 3 kids to feed and we manage.
    Anonymous

    Answer by Anonymous at 11:32 AM on Feb. 11, 2009

  • We make 3200 a month. Our house payment is 1535 a month. We are doing it. It is tight, but we are fine. Just make sure after the first year to call the electric and gas companies and get on equal pay. That way when winter hits it is easier on the pocket book. :) OH and we don't have any outstanding debts.
    Anonymous

    Answer by Anonymous at 11:37 AM on Feb. 11, 2009

  • You need to take all of your monthly debt including your house payment and divide it by your income. What you get with that number is your total expense ratio. It should NEVER be above 41 percent.
    mamakirs

    Answer by mamakirs at 1:06 PM on Feb. 11, 2009

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