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My husband takes home 4800.00/month after taxes. We will now have an 1800.00 mortgage...

This includes principal,interest, taxes and insurance(PITI) Do you think we are pushing it a little far? I'm so nervous about this payment...

 
Anonymous

Asked by Anonymous at 1:47 AM on Jun. 3, 2009 in Just for Fun

This question is closed.
Answers (17)
  • cont


    If you don't have any other debt (other than utilities, which really isn't a "debt", really, any more than groceries are a "debt"), then I think you will be fine.


    However, I think before I made any decisions one way or the other, I would take a month and track all of your expenses - everything from a coffee at Starbucks to your gas and electric bills, and factor in things like clothing and other shopping allowances.  Then, once you see what you spend on all of that, look to see if it's less than what you have left after the house payment, and if so (or if it's too close to it for comfort), if there's any area where you can cut back. 


    Based on that, THEN you can decide if you need the part time job. 

    sailorwifenmom

    Answer by sailorwifenmom at 3:44 AM on Jun. 3, 2009

  • It is very steep. How stable is his job? Consider the additional expenses. Natural gas? Electric? Water? Sewer? Garbage? Dish/Cable? Phone? Car? Insurance for car? Food? Spending money? Gas for car? Household repairs? Childrens expenses?
    Anonymous

    Answer by Anonymous at 1:49 AM on Jun. 3, 2009

  • That is over 37% of your husbands net income. Generally you do not want to have a mortgage rate over 30%. BUT you stated it includes taxes and insurance so, I would think it would be ok.
    ronjwake

    Answer by ronjwake at 1:52 AM on Jun. 3, 2009

  • OP we don't have any debt and we've done the numbers. His job is as stable as anyones elses I guess.
    Anonymous

    Answer by Anonymous at 1:52 AM on Jun. 3, 2009

  • This is my opinion. We pay 1600 a month in mortgage including taxes and insurance. DH makes about the same as yours. We are BARELY making ends meet. I think it is too high and you will run into costs you are not expecting.
    Anonymous

    Answer by Anonymous at 2:08 AM on Jun. 3, 2009

  • Anon :08 do you have other debt then the mortgage? Car payments,etc?
    It depends on what type of debts she has, if the mortgage is all they have then they should be fine.
    ronjwake

    Answer by ronjwake at 2:17 AM on Jun. 3, 2009

  • What condition are your cars in? What ages are your kids, and how many, will you be able to put money away for college? Will you be able to go on family trips? Does this house need repairs or much in need of updates, will you need lots of new furniture for this home? Just thinking of things we did and didn't think of when we went from previous house to a much bigger house. We did have to wait on a lot of things.

    susan6xblessed

    Answer by susan6xblessed at 2:20 AM on Jun. 3, 2009

  • No. I don't. No credit or loans. Just the usual utilities and extras like internet and dish.
    Anonymous

    Answer by Anonymous at 2:21 AM on Jun. 3, 2009

  • LOL:21 you so did not ask this question, but good play.

    My car is a 2007 and paid off. My husband has a company car. The 4800 is after our 401K and savings. We have nice furniture, but realize we may have to wait on some things. This home will be brand new so it shouldn't have any problems.

    I also forgot to mention my husband takes home a 17K bonus every year that is not included included in this monthly income.

    I'm just wondering if I should pick up a weekend job. I would hate to take away from our family time, but I think it may be necessary.
    Anonymous

    Answer by Anonymous at 2:31 AM on Jun. 3, 2009

  • How about homeowner's insurance too? And in some states you get a supplemental tax bill in the first year..check into that.

    It strikes me as a bit steep, too, but not impossible. Not having any other debts helps.

    I'd see a financial planner before committing.
    gdiamante

    Answer by gdiamante at 2:33 AM on Jun. 3, 2009

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