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Jan 2, 2021
6:39
:15
pm
byubyu
All-American
Completely depends on income, other debt/monthly obligations, etc.
There's really no hard or fast number.
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byubyu
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byubyu
Joined
Jun 28, 2006
Last login
Apr 25, 2024
Total posts
65,863 (2,899 FO)
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Messages
Author
Time
What percentage of your income is considered prudent for a mortgage nowadays?
byuguns55
1/2/21 6:28pm
50%
pink22
1/2/21 6:29pm
RE: 50%
byuguns55
1/2/21 6:31pm
I say 20% or less is ideal.. though not practical for many given
cougfanz
1/2/21 6:30pm
we would keep and rent out when we move
byuguns55
1/2/21 6:32pm
Mortgages are for losers.
Gerald-DeGroot
1/2/21 6:34pm
none taken...
byuguns55
1/2/21 6:37pm
<< Deleted >>
bluecougar1985
1/2/21 6:38pm
okay guys, I get it. I wished I had $750,000 socked away in order to pay
byuguns55
1/2/21 6:39pm
$750,000!?!? No wonder you have a mortgage!
Gerald-DeGroot
1/2/21 6:50pm
Sorry, I failed to read the body of your post and answered a question you
bluecougar1985
1/2/21 6:58pm
no worries brother!
byuguns55
1/2/21 7:13pm
If you are really disciplined, I think 50% is fine,
bluecougar1985
1/2/21 7:00pm
To be clear, I’m not advocating a bigger house, but a quicker payoff.
bluecougar1985
1/2/21 7:02pm
Have you tried dog yet?
Gerald-DeGroot
1/2/21 7:03pm
doing our best to steer clear!
byuguns55
1/2/21 7:14pm
My old man went there on the mission in the 70’s. He says
Gerald-DeGroot
1/2/21 7:20pm
Completely depends on income, other debt/monthly obligations, etc.
byubyu
1/2/21 6:39pm
When i was getting one i think they said no more than 40%
Heath Squashwell
1/2/21 6:40pm
was that the bank or financial advisor advice?
byuguns55
1/2/21 6:43pm
Bank
Heath Squashwell
1/2/21 6:57pm
To really get a grip on finances you should keep your dependency rate or
Nat Gas Man
1/2/21 6:41pm
Depends on other debt but lenders want to see less than 40% of income going to
BIG XII Coug
1/2/21 6:46pm
Understood...I guess I should've phrased it this way: if you can't pay cash
byuguns55
1/2/21 6:54pm
For conforming loans it is max 28% of gross to mortgage + costs, 36% all debt.
Bandit
1/2/21 6:46pm
Conventional wisdom used to be between 25 and 33%. In DC area, I see 35 to 40%
Iman23
1/2/21 6:49pm
says my realtor!
byuguns55
1/2/21 6:54pm
Everyone is different by my goal was 25% of my net monthly income. It’s not
rivercitycoug
1/2/21 6:50pm
28%. See 28/36 rule.
AF Cougar
1/2/21 6:59pm
Homes, no more than 3 x annual salary and cars no more than 1/3 annual salary.
DwigtA2RM
1/2/21 8:04pm
The former is literally impossible for 95% of the people. Make $70K...
jjshol1126
1/2/21 10:09pm
That was true before interest rates ranked. You can afford a little more now
Nat Gas Man
1/2/21 10:15pm
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