RE: What's Your Mortgage Compared To Your Income?
July 14, 2018 at 9:57 pm
(This post was last modified: July 14, 2018 at 10:08 pm by Huggy Bear.)
(July 11, 2018 at 9:39 pm)Shell B Wrote: Thanks, guys!
We've done a ton of math and have come to about 40% (or maybe less, since we didn't include bonuses, which are plentiful) of our net income, that's after 401K, all medical bills (HSA), insurance. It includes home insurance and taxes. It seems kind of high, but our debt to income ratio is okay. We qualify for more, but FUCK that. If we go 50K less, we only save a few hundred dollars.
Word of advice, it's the compound interest that gets you.
You'll end up paying twice the amount your house is worth in interest alone (30 year mortgage on a $300,000 house at 6% interest ends up being $647,000 out of pocket.), by simply paying that couple hundred bucks you'd save towards the principal you pay the house off in close to 15 years or less.
