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malcolmk14 · 04-26-2016, 11:51 AM

I know this answer varies for everyone, but I'm just curious if people are willing to share what position they are in with their mortgage.

We are thinking of purchasing a home and putting 15% down, once we do that, our mortgage would be about 28% of our monthly net pay (take-home) and about 17% of our gross pay. I'm in a position to grow my salary by about $4,000 a year for the next eight years, unless the teacher salary grid changes, and my significant other is pretty much topped out for the foreseeable future. She's in the oil/gas industry, but feels relatively secure because of her position in the company.

I feel like it's slightly high, and I don't like the idea of getting ourselves into a position of being over-extended. People I ask tend to be pretty split, with some telling us to go for it and that the time is right, and an equal amount saying that it sounds like it's too much and to lower our budget a bit. My dad, who I would consider very conservative, told me to put away the calculator and take the plunge. That really threw me off.

Just curious if people would be willing to share, what % of income do you commit to your mortgage?

04-26-2016, 11:51 AM	#1
malcolmk14 Franchise Player Join Date: Jan 2008 Exp:	How much mortgage is too much? I know this answer varies for everyone, but I'm just curious if people are willing to share what position they are in with their mortgage. We are thinking of purchasing a home and putting 15% down, once we do that, our mortgage would be about 28% of our monthly net pay (take-home) and about 17% of our gross pay. I'm in a position to grow my salary by about $4,000 a year for the next eight years, unless the teacher salary grid changes, and my significant other is pretty much topped out for the foreseeable future. She's in the oil/gas industry, but feels relatively secure because of her position in the company. I feel like it's slightly high, and I don't like the idea of getting ourselves into a position of being over-extended. People I ask tend to be pretty split, with some telling us to go for it and that the time is right, and an equal amount saying that it sounds like it's too much and to lower our budget a bit. My dad, who I would consider very conservative, told me to put away the calculator and take the plunge. That really threw me off. Just curious if people would be willing to share, what % of income do you commit to your mortgage?