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METLove2008
LIF Adolescent
Member since 5/08 541 total posts
Name:
Ellie
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes, my salary is the one that pays the mortgage and all the household bills. It's a good thing because in this economy DH had a really hard time finding a permanent position after being laid off years ago. We would have lost the house already if we had to rely on his salary too.
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Posted 6/28/12 12:55 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Posted by maymama
yes on both. but not when you add in everything else!
Exactly.
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| Posted 6/28/12 1:26 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Can you swing your monthly mortgage and taxes on your salary alone
Yes, we could although our lifestyle would change drastically.
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| Posted 6/28/12 2:01 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Posted by WannaBeAMom11
Or can your dh or do you need both salaries?
Yes, but our credit cards bills made it impossible to live on 1 salary. Thankfully that has changed 
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| Posted 6/28/12 3:25 PM |
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ItsaJoya19
my cup runneth over
Member since 1/10 2949 total posts
Name:
E
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Technically yes, we can pay our mortgage and taxes on DH's salary alone...
We'd just live in a house with no water, heat, electric, FOOD, transportation, etc. 
DH pays the mortgage payment (incl. taxes & insurance) and for his monthly train ticket. I pay "everything else"
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| Posted 6/28/12 3:41 PM |
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BeachGal
LIF Adult
Member since 2/10 2827 total posts
Name:
J
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes When I was looking I bought a house a lot less than the "what can you afford" calculators because if I was ever to get divorced I could stay put and maintain the house I live in so my kids could go to the same schools and keep their friends. I dont think this will ever happen but you never know!!!!!!!!
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| Posted 6/28/12 4:37 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes, we can afford our monthly expenses on DHs or mine.
Obviously not as comfortably as we can with both of us working, but we could do it.
And that's with me working at my PTWAH position which is good. My last postion we could afford it much more readily. This one, it's tighter but doable.
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| Posted 6/28/12 4:41 PM |
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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
Posted by Elizhf34
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.
Oh I see I misunderstood the question. Yes, we could do the mortgage and taxes on one salary alone, but it wouldn't leave much leftover.
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| Posted 6/28/12 5:40 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We can afford our house with only DH's salary - thank god because I was just laid off.
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| Posted 6/28/12 6:10 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We can afford our monthly expenses on either of our salaries. I do think it is a good idea. Although I want to upgrade our house and we would still be able to swing it in an emergency, dh is putting up a fight, hence why we are still in this house.
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| Posted 6/28/12 6:33 PM |
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Re: Can you swing your monthly mortgage and taxes on your salary alone
We swing it on my DH's salary alone. Its definitely tough and money is tight...but I gave birth to triplets last year and could not return to work. Daycare cost for 3 is ridiculous and 3 children at one age is too much for any family members to watch.
I am very glad that we are able to cover all the expenses on DH salary alone. 3 years ago when we bought our house I would have never imagined not working and bringing in money, I also NEVER imagined getting pregnant with triplets. Life can change in an instance. I think its a good idea to be able to pay it on one salary if you can.
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| Posted 6/28/12 9:19 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes.
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| Posted 6/29/12 7:05 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Posted by Blu-ize
Posted by maymama
yes on both. but not when you add in everything else!
Exactly.
Same here.
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| Posted 6/29/12 9:29 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Can you swing your monthly mortgage and taxes on your salary alone
On our old house..yes.
The one we just bought...no
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| Posted 6/29/12 9:56 AM |
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mamabear
LIF Adult
Member since 3/08 4539 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
I think it is always wise to try to make it so that one of your salaries covers all major living expenses, and the other is for savings and extras. However, that is very hard to do, so I would just say stay as close to that as possible/reasonable. If you need 100% of one salary and 50% of the other to cover mortage and taxes, that's probably too close. If you need 100% of one, and 5% of the other, that's seems reasonable. And always keep in mind things that you could cut out completely or drastically cut back on in an emergency.
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| Posted 6/29/12 4:54 PM |
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
Name:
My anchor when I get tossed
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Can you swing your monthly mortgage and taxes on your salary alone
Yes, but we'd need the other's salary to cover the rest of the expenses.
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| Posted 6/29/12 7:22 PM |
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes, that was important to us.
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| Posted 6/29/12 7:24 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes. DH has been pretty much footing every bill since I've been a SAHM for the most part. I was working some part time before having DC #3, but that money was saved or was put towards a vacation each summer. Things are very tight now with #3, especially since DC #1 and #2 go to a private school, so I am looking to get back into my job part time again, a few hours a week to lend a hand with expenses.
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| Posted 6/29/12 10:26 PM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Can you swing your monthly mortgage and taxes on your salary alone
not a chance! well at least not that along with everything else
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| Posted 6/29/12 11:08 PM |
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Momma2Be
Mommy of an angel
Member since 10/09 5911 total posts
Name:
Dina
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Posted by MrsM-6-7-08
yes DH's salary pays for everything
same
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| Posted 6/30/12 3:33 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes, my salary coverts mortgage, taxes (escrow) and childcare. DHs salary pays for everything else.
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| Posted 6/30/12 6:52 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Posted by evenedan
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 $$$$.
This was our logic too. We bought knowing that DH's salary would have to cover us b/c I wanted to take some time off to be a SAHM. We could've gotten a bigger "forever" house instead of this one, but I'm glad we went this route.
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| Posted 7/1/12 12:05 PM |
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Posted by TheDivineMrsM
Posted by evenedan
We could, but we'd be living a lot differently.
It was important to us to buy a home that we could afford on only one salary. I realize that we could have bought a much nicer/bigger house if we didn't follow this logic, but I wanted to make sure we'd be okay even if life threw us a curve.
Sure, there have been times when I've wondered if we should have spent a little more and gotten a little more house, but now that we have a baby on the way, we are very grateful for our low mortgage because childcare is $$$$.
This was our logic too. We bought knowing that DH's salary would have to cover us b/c I wanted to take some time off to be a SAHM. We could've gotten a bigger "forever" house instead of this one, but I'm glad we went this route.
iTA, i would not trade the extra time i spent with dd in her first year of life for any size home. Answering OP question, yes we could swing it on our own but it would be really tight. I am a PTWM so that we are more comfortable. We planned it this way.
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| Posted 7/1/12 7:50 PM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: Can you swing your monthly mortgage and taxes on your salary alone
Yes, I cannot stress enough how important it is to buy within your budget. We are fortunate that my salary can pay our mortgage/taxes/insurance or DH's could - vice versa. With DH being out of commission now recovering from Heart Surgery, boy am I glad that we didn't try to overextend ourselves financially.
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| Posted 7/2/12 10:20 AM |
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jilliibabii
Mrs. O'Connor
Member since 6/10 12821 total posts
Name:
Jillian
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Re: Can you swing your monthly mortgage and taxes on your salary alone
I could and do cover it, but with very little spending money leftover. If it came down to it (which it kinda has since DH and FIL are in the process of opening their own flooring company and will not be seeing paychecks for awhile), I could skate by on my salary alone for a a few months. Any further than that and I'd probably lose my mind. We do have a bit of a cushion in our savings account so that helps, too, but it never lasts as long as you think.
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| Posted 7/2/12 10:27 AM |
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