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What % of your Income goes to Mortgage?

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  • #16
    Mortgage 2.4% without property taxes. Including property taxes, 7.5%. My property taxes are ridiculous.
    My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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    • #17
      About 17-20% of take home on a 15 year including taxes & insurance (after solo 401k, regular 401k, medical, dental, hsa, daycare fsa, etc). It’s comfortable. I’m glad it is not higher given very high maintenance costs, daycare costs, college savings, and early retirement goals. Mortgage around 1.3 times annual income.

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      • #18
        P&I alone 3.4%

        P&I, taxes, home insurance, and utilities 6%

        last year spent an extra 4% on maintenance and home improvement (this is at least 2x as high as usual due to several projects)

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        • #19
          I like the Dave Ramsey rule of keeping your mortgage as a 15 year mortgage and keeping the payment + taxes + insurance no more then 25% of your take home pay. Take home pay is the easiest for people to calculate and the most pertinent number in terms of planning a budget. Our mortgage is at 19%, I suppose that when you add property taxes and insurance it is probably closer to 24%. To be quite honest I think that was the first time that I have calculated that.

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          • #20
            Originally posted by mapplebum View Post

            I think my question is clear even if it wasn't worded correctly ?
            My intent was not critical, merely to help to get clarity to your budgeting question.
            ” I get it, but I'm not the one nixing cheaper homes. Good thing I like our rental.
            Compliments. Strong work.

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            • #21
              0%. Paid off in 2019. We are just under age 40

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              • #22
                0
                Paid off house 10 years ago, about 15 years into post-residency career

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                • #23
                  ~5% of total income, ~10% agi, ~25% taxable income. Private practice.

                  So 1x houses are not nice enough, but 1.8x are too pricey? Anything good enough in the 1.4x-1.6x range?
                  $1 saved = >$1 earned. ✓

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                  • #24
                    Originally posted by mapplebum View Post
                    Edit, rephrased: how much of your gross income goes towards housing?

                    Please indicate if you're responding at resident / fellow salary. Otherwise I assume it's attending.

                    Background: we've been looking off and on for about 3 years. At first I was looking <1 to 1x income but none of them were good enough for the doctor. Now that we're about 2 years into attending salary I've opened it up to upwards of 2x, preferably 1.8x and he balks at the price. I get it, but I'm not the one nixing cheaper homes. Good thing I like our rental.
                    Gross wages, or AGI, or ??? A pretty substantial amount of our AGI is investment income.

                    Of gross wages: 12% including taxes and insurance. 30 year fixed.

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                    • #25
                      8% of gross w2 income, includes mortgage taxes insurance. Excludes maintenance and projects. We are 2.5 years into attending salary.

                      Mortgage balance is now 1.1x annual income, but started out at about 1.4x.

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                      • #26
                        15y mortgage, 11% of my pretax income.

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                        • #27
                          0% to mortgage (paid off)
                          2% to property taxes (we live in the highest property tax area in the country)

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                          • #28
                            Our mortgage is 18% of take home pay, but we often add a little extra each month to pay it down earlier. I feel very comfortable with this amount and do not feel stretched by this.

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                            • #29
                              Originally posted by Cubicle View Post
                              ~5% of total income, ~10% agi, ~25% taxable income. Private practice.
                              This math fascinates me. You're saying that 4/5 of your income goes to deductions.

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                              • #30
                                We have a 30 year mortgage. When we bought it 2 years ago it was just under 2x income. It was a comfortable payment. Then we doubled our income. Currently pay 5% of gross to PITI. We are looking to refinance to a 15 year right now but plan to pay off completely in the next 3 years if we both stay at current jobs.

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