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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Can you swing your monthly mortgage and taxes on your salary alone
Or can your dh or do you need both salaries? We are Preapproved however dh and I are arguing bc I want to stay at a price that we could afford with only his salary or only mine god forbid one of us gets laid off. He claims that's unrealistic especially in NY. Plus neither of us makes tons of money but my salary and bonus increases every year.
Message edited 6/27/2012 1:27:35 PM.
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Posted 6/27/12 1:26 PM  |
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Prudential Douglas Elliman Real Estate
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TheLucille2
Yayicanpickmyowntitle!
Member since 6/11 1058 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Honestly, no way for us. We both need to be working to cover our monthly expenses.
We do have a significant amount in an emergency fund, if God forbid one of us is unable to work or got laid off.
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| Posted 6/27/12 1:29 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Can you swing your monthly mortgage and taxes on your salary alone
we need both salaries, although we were pre-approved on his salary alone..although we have a big enough cushion to last us for about 3-4 months of all expenses if neither of us were working
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| Posted 6/27/12 1:45 PM |
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TiggerBounce
The Prince & Princess
Member since 7/05 4939 total posts
Name:
J
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We are very lucky. We were pre-aproved with DH's income alone and we will be able to swing both mortgage and taxes on DH's income alone.
The past year we've been living with my MIL and saving. The way we have been living is using DH's paycheck to put $ away and pay down bills.
My paycheck has been for other expenses such as gas, groceries, dining out, activities, etc.
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| Posted 6/27/12 1:52 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: Can you swing your monthly mortgage and taxes on your salary alone
not on my salary, but we could do it on DH's salary (although it would take up most of it). My salary pays for all the other bills.
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| Posted 6/27/12 1:54 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: Can you swing your monthly mortgage and taxes on your salary alone
I think if you can swing it, that's a good idea. I was laid off a few months ago, and although we can pay our bills, it is tight. We will need to cut back. And we do have some savings but of course I'd rather not use it to pay our monthly bills.
I would personally feel much more comfortable if one person could pay everything if necessary. I am a worrier though.
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| Posted 6/27/12 1:54 PM |
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jams92
Member since 1/12 6105 total posts
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Re: Can you swing your monthly mortgage and taxes on your salary alone
when we considered buying a home we had the same argument!!! the houses we *wanted* we could not afford on just one salary...but there were some less expensive ones we could swing it.
in the end we decided now was not the time to buy for us...we thought about the added expense of daycare (figure $1,000 a month) and then we would literally not have any money left each month to do much
Message edited 6/27/2012 2:02:25 PM.
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| Posted 6/27/12 2:01 PM |
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dctead
It's 5 o'clock somewhere!
Member since 11/10 2139 total posts
Name:
Emily
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Can you swing your monthly mortgage and taxes on your salary alone
When DH and I buy a house, I would love to stay at a price that we could afford with one salary - but given the area's we want to buy in, I'm not sure that will be possible.
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| Posted 6/27/12 2:22 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Thankfully yes.
I pay the mortgage/taxes/insurance from my salary. I also pay for our groceries, life insurance and car insurance. With DH's salary, we pay all of our other expenses (utilities, etc.) but most of his salary goes into savings.
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| Posted 6/27/12 3:02 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Can you swing your monthly mortgage and taxes on your salary alone
My salary alone covers the mortgage, property taxes/insurance, lipa, and cable. We need DH salary as well for other household expenses like food, gas etc.
Having 2 salaries makes us more comfortable, but if one of lost our job or went part time, we would do okay...
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| Posted 6/27/12 3:12 PM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We could, but we'd be living a lot differently.
It was important to us to buy a home that we could afford on only one salary. I realize that we could have bought a much nicer/bigger house if we didn't follow this logic, but I wanted to make sure we'd be okay even if life threw us a curve.
Sure, there have been times when I've wondered if we should have spent a little more and gotten a little more house, but now that we have a baby on the way, we are very grateful for our low mortgage because childcare is $$$$.
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| Posted 6/27/12 3:25 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Can you swing your monthly mortgage and taxes on your salary alone
yes DH's salary pays for everything
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| Posted 6/27/12 3:36 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Message edited 6/27/2012 5:10:35 PM.
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| Posted 6/27/12 3:48 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Can you swing your monthly mortgage and taxes on your salary alone
I could swing it on mine. It would be tight but possible.
I do not think we could do it on DHs.
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| Posted 6/27/12 4:01 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
yes on both. but not when you add in everything else!
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| Posted 6/27/12 4:06 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Technically we could pay all monthly living expenses on my salary alone. Except for student loans.
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| Posted 6/27/12 4:52 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We definitely need both salaries... make that we definitely need HIS salary. Mine would just barely cover the mortgage, forget about utilities!
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| Posted 6/27/12 5:20 PM |
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WinterBaby13
LIF Infant
Member since 6/12 213 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We can swing it on either of our salaries alone... it would be much tighter month to month on my salary alone but it could be done.
If you can buy a house that you can afford on one salary alone I think that's a great way to go although on Long Island it's very difficult.
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| Posted 6/27/12 6:48 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Can you swing your monthly mortgage and taxes on your salary alone
If the question is solely mortgage and taxes - then yes. Between my home business and working 12 hrs a week - I can pay that myself.
Everything else - I wish! 
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| Posted 6/27/12 7:20 PM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Fortunately we can.afford our house, taxes & monthly expenses on solely Dh salary. When we purchased the home, we made sure Dh salary would increase bc we wanted me to be a SAHM when the time came. I'm now home over 2 years & not going back for another 4
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| Posted 6/27/12 7:49 PM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We can afford all of our living expenses (including mortgage and taxes) on my salary alone. It would be tight but doable.
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| Posted 6/27/12 8:01 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Dh's salary covers everything
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| Posted 6/27/12 11:49 PM |
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fdnywife
Mommy of 3 and 4 rescues
Member since 9/09 1841 total posts
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes, DH bought this house and Im buying the next one. I should be able to do it on my own. I guess it depends on your salary, how much the house is, how much you have saved etc. I think you're being very smart. 
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| Posted 6/28/12 9:38 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Can you swing your monthly mortgage and taxes on your salary alone
No, we can't, we need both salaries to pay our bills.
eta: We could pay just our mortgage and taxes on one salary, but that would do no good if we couldn't pay the insurance, oil, electricity etc. That is all the stuff we need two incomes for.
Message edited 6/28/2012 2:09:16 PM.
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| Posted 6/28/12 10:42 AM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes. We were approved for our mortgage with DH's income alone as I was in grad school. I'm a SAHM now so we live entirely on DH's income alone.
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| Posted 6/28/12 12:40 PM |
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