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can a family of three afford a mortgage of 965(including taxes &insurance) and live comfortably on $38000.00 annual salary? not very good @budgeting yet

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Anonymous

Asked by Anonymous at 1:11 AM on Apr. 3, 2010 in Money & Work

Answers (19)
  • I would say yes!
    Anonymous

    Answer by Anonymous at 1:13 AM on Apr. 3, 2010

  • Well, your mortgage would cost you about 11,580.00 per year. That's not half of your yearly income, but it's still a pretty big monthly payment. I'm not a real bigger believer in owning a home though. To me, it's so much better to live in an apartment or duplex, not pay any repairs, nor taxes, yard maintenance, etc. I personally would not feel comfortable on that. It's too close for me. I like my freedom, buying new stuff, cars etc..
    Anonymous

    Answer by Anonymous at 1:14 AM on Apr. 3, 2010

  • yes!

    we pay 725 for rent and make less then 32000 a year and live comfortably.
    Anonymous

    Answer by Anonymous at 1:47 AM on Apr. 3, 2010

  • and i'm a SAHM
    Anonymous

    Answer by Anonymous at 1:47 AM on Apr. 3, 2010

  • After morgage you would have roughly $2200/month for other bills,food,clothes,and anything else.I think that is plenty to live on but then again that's just me. Good luck girl
    momluvsmiles

    Answer by momluvsmiles at 1:48 AM on Apr. 3, 2010

  • It depends on your other bills and how much you spend on clothes, entertainment, memberships, food, ect. If you have two big car payments, debt to pay off, insurance, like to shop alot, have expensive habits then you might be cutting it close. It really depends on the family.
    MamaChamp

    Answer by MamaChamp at 1:50 AM on Apr. 3, 2010

  • Depends. Do you have credit cards? Do you have a car payment? Do you have cell phones?? Have you tried going to the Dave Ramsay site? I think he has budget worksheets there.
    ShaunnaMichelle

    Answer by ShaunnaMichelle at 2:02 AM on Apr. 3, 2010

  • Yes, it can be done, but you have to get good at budgeting quickly.
    kemclaughlin

    Answer by kemclaughlin at 2:27 AM on Apr. 3, 2010

  • If your other bills are not that much then the 2200 left should be plenty. If you have credit cards or high car payments etc then maybe not. All depends on the other bills. Remember utilities and food and small expenses to be included in on the 2200 left
    pnwmom

    Answer by pnwmom at 3:59 AM on Apr. 3, 2010

  • It depends on what debt you have, what lifestyle you live (Do you eat out a lot, or do you cook, and if so, is it more from scratch or a lot of instant stuff? Do you buy a lot of new clothes, if so, where? Do you go out a lot, to the movies, etc, or do you wait for it to come out on video, etc...)

    Also, it's going to depend on where you live. Some parts of the country are more expensive than others.
    sailorwifenmom

    Answer by sailorwifenmom at 5:25 AM on Apr. 3, 2010

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