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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
It seems that financial advisors suggest 25% on the conservative side, (although I am not sure if they mean insurance and taxes) but I feel that at this day and age, and especially in Tristate area, it's pretty much impossible to achieve.
What's your number, and if you don't mind commenting rather than just answering the poll, where do you live?
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Posted 6/5/16 1:13 AM  |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
I think a lot of people starting out get help from the bank of mom and dad for help with the I initial down payment. No one talks about it, but for a lot of people I know it is true.
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| Posted 6/5/16 6:20 AM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Our mortgage payment is 31% our net income including taxes insurance and PMI, the banks look at gross income when approving the mortgage and gross is 25% for us. We have a ton Of student loan debt, like our payments are just as much as our mortgage plus cars and everything else. We live below our means and save as much as we can. We didn't have any help from our parents to pay for our house, just what we saved and the money we got from our wedding. It was tough and we made a lot of sacrifices. We live our in port Jeff station, it took us a year to find our house and we were very set on spending a lot less then approved for. It's tough in NY. I have friends in VA and NC and their payments for a house are like 1/2 ours but our families are here so we decided to stay
Message edited 6/5/2016 12:02:40 PM.
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| Posted 6/5/16 8:05 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Our mortgage is exactly 25% including PMI and insurance.
BUT we do not live in a fancy area and we have a small house but we have a huge property and a lot of potential to expand. We are limited to where we can live because we did not want long commutes (we work in the same town about 15 mins away) and want to be near our family. We live on the North Shore Eastern Suffolk.
ETA: no help whatsoever, saved all on our own, 5% down, $8k taxes.
Message edited 6/5/2016 12:23:24 PM.
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| Posted 6/5/16 8:50 AM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Including taxes and insurance, were at about 30% with what is now a 20 year mortgage. If you take into consideration dhs bonus that drops to between 22/26%.
When we purchased 4 years ago, we were at about 50% with a 30 year mortgage.
We had no help whatsoever.
Eta: we live on the south shore of Nassau
Message edited 6/5/2016 11:23:45 AM.
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| Posted 6/5/16 9:47 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
31% including Taxes, Insurance and PMI
SS Suffolk
Small house, decent size property. Taxes are 11K
ETA: When we got our loan, we also did 3% FHA and rolled closing costs into mortgage lol We probably had no business buying when we did. But with dedication and hard work - it all worked out
Message edited 6/5/2016 10:32:44 AM.
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| Posted 6/5/16 10:22 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Posted by LSP2005
I think a lot of people starting out get help from the bank of mom and dad for help with the I initial down payment. No one talks about it, but for a lot of people I know it is true.
This is very true.
We had zero help and struggled the first few years (on top of spending $$ for IF treatments)
For those who go the help... good for them. It is one less thing they had to stress over. Being a new home owner comes with a boat load of stress as it is.
But personally, we like doing everything on our own. We owe nothing to nobody. And like it that way lol
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| Posted 6/5/16 10:31 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Posted by PhyllisNJoe
Posted by LSP2005
I think a lot of people starting out get help from the bank of mom and dad for help with the I initial down payment. No one talks about it, but for a lot of people I know it is true.
This is very true.
We had zero help and struggled the first few years (on top of spending $$ for IF treatments)
For those who go the help... good for them. It is one less thing they had to stress over. Being a new home owner comes with a boat load of stress as it is.
But personally, we like doing everything on our own. We owe nothing to nobody. And like it that way lol
Yup. We didn't get a dime from anyone and we are the ONLY ones of our friends who didn't have help.
Back to the original question.....about 30%.
ETA South Shore Nassau. We didn't want LI at all but chose it because it was cheaper than our first choice areas.
Message edited 6/5/2016 10:42:34 AM.
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| Posted 6/5/16 10:40 AM |
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Just checked our mortgage and its exacrly 26% (basing it just on base net income, DH gets a lot of overtime). We recently closed on a home in North Bellmore (bordering East Meadow). We saved for the downpayment ourselves and also used proceeds from sale of DHs starter house. This is really our 2nd/forever home.
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| Posted 6/5/16 10:44 AM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Our mortgage is 40% of our income--I decided to stay home when dd was born so this was not our original plan but for right now we are making it work.
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| Posted 6/5/16 1:03 PM |
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StarsStripes
LIF Adult
Member since 12/12 1192 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
28% including PMI and tax/ins we are almost done with PMI
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| Posted 6/5/16 7:42 PM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
25% South Shore Western Nassau . We also have PMI. No help for d.p. or anything and saving $100k plus having enough for security, just was not feasible. We didn't have the option to live home or move in with parents to save either. Wish we did, but at the end of the day it feels pretty darn good to say you did it on your own!!!!
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| Posted 6/5/16 8:37 PM |
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RainyDay
LIF Adult
Member since 6/15 3990 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
25 % including taxes, insurance and pmi. We have both been on our own straight out of college so it took us awhile to save for downpayment and we didn't receive any help at all. It definitely feels good to have done it all on our own even if we don't have the biggest house.
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| Posted 6/5/16 8:57 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
27%. we live in Commack
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| Posted 6/5/16 9:58 PM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
40% of our net income - including taxes and insurance. We put down 16% down payment and we did not have any help from anyone. We live in Rockland County, NY and where we live is a pretty expensive town (average home price is $470K). I will say that although it sounds like 40% of our net income is a lot, we're in no way strapped for cash. We live very comfortably and well within our means. We have absolutely no debt (no cc debt and no school debt), we have very few expenses outside of our mortgage - DH doesn't pay for a car since his company provides it and he doesn't pay for insurance or gas. I have a very very low car payment and discounted insurance as well. This probably makes a big difference for us. Our debt to income ratio is extremely low, which makes that 40% feel a lot less to us than it really is.
Message edited 6/6/2016 2:00:59 PM.
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| Posted 6/6/16 2:00 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
32% if only factoring Dh's base salary. With his OT, its around 28-29% for mortgage and taxes
ETA: we are in the franklin square area
Message edited 6/6/2016 6:35:15 PM.
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| Posted 6/6/16 6:34 PM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Between 33-38%. During the summer the paychecks increase for the rest of the year, that's why the variation.
We had many restrictions (Nassau county, near LIE, near good (food) shopping). Put down 25% that we saved ourselves.
The house payment is ok, but the oil kills our budget. Electric too but not nearly as bad. I also stay home and will return to work at some point.
To add, I really wish someone gave us the down payment  we would have an extra 150k and could have spent it on travels, summer camps, renovations, oh my list is endless
Message edited 6/7/2016 11:48:49 AM.
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| Posted 6/7/16 11:45 AM |
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newlywedT
LIF Adolescent
Member since 9/11 792 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
No mortgage right now...probably because we live in a 1 bedroom apartment between the four of us! (us and DD and DS)
But one thing I never understood is...when we were researching mortgages online and talking to reps at the bank, they always said "mortgage should be X% of your gross income"
Why do they always use gross income?
What if I make 100k, but:
I put 50% in 401k
10% for insurance
30% for taxes
that means I only take home 10k a year
but you make 100k and you don't put anything in 401k, so you take home 60k a year.
Even though we have the same gross, our net is nothing close so we shouldn't get the same mortgage.
But bank reps and online articles talk about gross...and according to them we would get the same mortgage.
Wacky
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| Posted 6/7/16 12:06 PM |
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Posted by newlywedT
No mortgage right now...probably because we live in a 1 bedroom apartment between the four of us! (us and DD and DS)
But one thing I never understood is...when we were researching mortgages online and talking to reps at the bank, they always said "mortgage should be X% of your gross income"
Why do they always use gross income?
What if I make 100k, but:
I put 50% in 401k
10% for insurance
30% for taxes
that means I only take home 10k a year
but you make 100k and you don't put anything in 401k, so you take home 60k a year.
Even though we have the same gross, our net is nothing close so we shouldn't get the same mortgage.
But bank reps and online articles talk about gross...and according to them we would get the same mortgage.
Wacky
Because what you gross per month is not going to change. It is your choice to put 50% into a 401K- and if things get financially tight, at least you have the option of reducing that 50% 401K contribution to 0. It has to be based on Gross income because its an individual choice how much taxes should be deducted, etc. This is where people fall into trouble and think they can afford more than they actually can because they fail to factor in all other living expenses like retirement, food, gas, car repair, entertainment, etc. Even with conservative estimates, there are so many unforeseen expenses with home ownership.
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| Posted 6/7/16 3:03 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
currently...principal, interest, taxes and insurance...38%. I'm in the process of refinancing and i'll go down to 33%. i live in Wantagh.
Message edited 6/9/2016 2:44:08 PM.
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| Posted 6/9/16 2:42 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: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
28% not including overtime and bonuses
garden city
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| Posted 6/10/16 12:19 PM |
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luvbuffet
LIF Adult
Member since 7/10 6470 total posts
Name:
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
a house in port washington thats 650k is like buying a 1.2mil home in queens.
i saw a home in yonkers 9 bedroom, 7 fireplaces, insaaannely gorgeous and we would afford it. total turn-key..but im afraid to move over there. i dont know anyone 
can you seriously put down less than 20-25% these days??!! the market is soo fkd up over here!! competing with cash buyers 
Message edited 6/10/2016 12:56:59 PM.
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| Posted 6/10/16 12:37 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Posted by luvbuffet
a house in port washington thats 650k is like buying a 1.2mil home in queens.
i saw a home in yonkers 9 bedroom, 7 fireplaces, insaaannely gorgeous and we would afford it. total turn-key..but im afraid to move over there. i dont know anyone
can you seriously put down less than 20-25% these days??!! the market is soo fkd up over here!! competing with cash buyers
Certain parts of LI, yes. In Queens, probably not.
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| Posted 6/10/16 1:22 PM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
35% we just closed in April. Living in Merrick. We saved and were able to put down 20% but man bringing the extra $20K for closing was just painful!!!
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| Posted 6/10/16 2:02 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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If you own a home, what percentage of your NET monthly income is your mortgage (including taxes and insurance)?
Less than 30% but I never sat down and looked at since we bought (I changed jobs and make considerably more).
We didn't get help from anyone but bought low end and worked on the house ourselves.
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| Posted 6/10/16 4:45 PM |
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