Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Mom Confessions Mom Confessions

Income/Home Cost

Anonymous
Posted by Anonymous
  • 79 Replies

Post anonymously if you'd like. I am wondering what your income is or was at the time you bought your house and the cost of your house and property taxes.


We need to buy a house but our one income is only $36,XXX a year and we're looking at buying something that is $150K with a $180 car payment and no other debt.

Any advice is appreciated.


ETA: I cannot afford to buy a house that is only 25% of my income. I can't even rent a room out of someones house for that price let alone rent. We pay $900 a month for our apartment and I think we can make payments of $1,100 a month without drowning. The house I am looking at has big garages that we could rent out too to supplement our income. If I owned my own home like that I could also get the certifications and start a home daycare which would also supplement our income while keeping me home with the kids.

Posted by Anonymous on May. 2, 2012 at 12:03 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
couponluv72
by on May. 2, 2012 at 12:05 PM

just under $2000 a month , we had help from my parents to buy the house outright no mortgage. taxes are around 4K a year. no car payments here. 

Anonymous
by Anonymous - Original Poster on May. 2, 2012 at 12:14 PM

BUMP!

Anonymous
by Anonymous on May. 2, 2012 at 12:18 PM

about 4000 a month, biggest bills are house, 550, car and DH student loan. I graduate in December, so i am looking forward to our income more than doubleing. I ama  SAHM right now.

Anonymous
by Anonymous on May. 2, 2012 at 12:18 PM
We make 100,000 a yr .... Our payments are 980 a month and a car payment of 420 a month and with bills I think its tight !!!
I also have student loans so that makes it tight
Posted on CafeMom Mobile
Anonymous
by Anonymous on May. 2, 2012 at 12:19 PM

My husband makes $55,000-$60,000 a year and our house cost $157,000. The property tax is about $3,500. We don't have any problem with the monthly payments, but the down payment came from my dad.

Anonymous
by Anonymous - Original Poster on May. 2, 2012 at 12:20 PM

Do you think you'd be able to afford more then that if you had to?

What is your mortgage with taxes and insurance?

Quoting Anonymous:

My husband makes $55,000-$60,000 a year and our house cost $157,000. The property tax is about $3,500. We don't have any problem with the monthly payments, but the down payment came from my dad.


Anonymous
by Anonymous on May. 2, 2012 at 12:21 PM

We bought our home with no kids and income of $60K a year for $160K. Now we have 4 kids and income of $10K a month with one car note, same house. We could take on more of a note but we would have to do less vacations, dining out, etc. The kids really hit your wallet. I'd guess with good credit and mortgage insurance as well as home owner's insurance you would be paying about $1,400 a month for your mortgage. Could you swing that with everything else you have?

Amortization tables help but then they only are basing it on the home cost and none of the other fees to have it. Don't forget that AC/Heater's break, roofs leak, foundations crack, plan to have some way to afford regular maintenance of repainting, resealing, etc but also know that a $10K repair may hit you unexpectedly. 

Anonymous
by Anonymous - Original Poster on May. 2, 2012 at 12:23 PM

Yeah, we can't afford to pay $1400 a month, after taxes our monthly income is only about $1800. We were preapproved for 150K a few months ago but we hope to be able to get the house for less, more like 140 or maybe even 130.

Quoting Anonymous:

We bought our home with no kids and income of $60K a year for $160K. Now we have 4 kids and income of $10K a month with one car note, same house. We could take on more of a note but we would have to do less vacations, dining out, etc. The kids really hit your wallet. I'd guess with good credit and mortgage insurance as well as home owner's insurance you would be paying about $1,400 a month for your mortgage. Could you swing that with everything else you have?

Amortization tables help but then they only are basing it on the home cost and none of the other fees to have it. Don't forget that AC/Heater's break, roofs leak, foundations crack, plan to have some way to afford regular maintenance of repainting, resealing, etc but also know that a $10K repair may hit you unexpectedly. 


AHmom103
by Gold Member on May. 2, 2012 at 12:24 PM

 We make about $38,000/year, and our house was $50,000. We pay roughly $380/month, and I'm not sure what the taxes are, because they're taken out of our escrow account, instead of us paying them. I wouldn't buy something that costs so much more than you make in a year though. You'll be looking at very high mortgage payment, interest rates, etc.

Anonymous
by Anonymous on May. 2, 2012 at 12:24 PM
We make just over 100,000 a yr house payment with taxes & insurance is $1300 a month for $180,000 house. Unless you are putting a lot of money down (20 % or more) that's probably too much to spend on a house at your income level
Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)