Are you making enough to make payments on a house????

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Brownslave688 said:
And the numbers are scary if you actually run them. For the average mortgage you’re talking about saving like 175 bucks a month while paying almost double the amount of interest over the life of the loan compared to 30 year.
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That's what I did when I bought my house. The amount of interest I saved was more than the price of the house
 
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oldngray said:
Get a 30 year and pay extra every month if you can. A little bit early on the principal makes a huge difference in the total interest paid.
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That's what my youngest is doing. Or course at 2.5% or so, the interest isn't a big budget killer.

On the other hand it's a similar style as my house but a bit smaller, but it was almost 2.5x the price
 
Darmark7

Darmark7

Retired 2020. Not my Problem Anymore!
I bought our first house with a 30 yr. Mortgage in 1990. I paid extra every month. When I got a raise it went toward the principle. Paid off that house in 12.5 years. I was 39 yrs old and debt free. After paying off the house I made the payment to myself every month. When I was 46 yrs old I bought a second house with a 15 yr mortgage and paid it off in 2.5 years. Then at 49 yrs old I’m debt free again with 2 houses. I owner financed the first house and get an income for 15 yrs with no headache of being a landlord for renters. This was done on income from me working at UPS. My wife never worked during this time. We just always lived below our means and saved and invested any extra money we had. Retired in 2020 being debt free at 57 yrs old.
 
TeltBender

TeltBender

Well-Known Member
Over70irregs said:
Median Monthly House Payment, by State:
1. Hawaii: $4,900
2. California: $4,500
3. Massachusetts: $3,600
4. Washington: $3,500
5. New Jersey: $3,400
6. Colorado: $3,200
7. New Hampshire: $3,100
8. Oregon: $3,000
9. Utah: $3,000
10. New York: $2,900
11. Rhode Island: $2,800
12. Montana: $2,700
13. Idaho: $2,600
14. Connecticut: $2,600
15. Arizona: $2,500
An annual new home payment in California now requires 61% of the median resident's income.

The cheapest state is West Virginia, requiring 19% of annual income for a new home payment.

Buying a house has become a luxury.
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How are drivers who make almost 10k a month not able to afford 30% for a home?
 
Sacrificial Lamb

Sacrificial Lamb

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DELACROIX

DELACROIX

In the Spirit of Honore' Daumier
TeltBender said:
How are drivers who make almost 10k a month not able to afford 30% for a home?
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43 dollars an hour X 40 = 1,720 (Gross before taxes etc, etc) a standard 40 hour week, if you are thinking about buying a new house relying on your continual Overtime to cover your mortgage payments....:wellduh:
 
Brownslave688

Brownslave688

You want a toe? I can get you a toe.
TeltBender said:
How are drivers who make almost 10k a month not able to afford 30% for a home?
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After 401k and taxes take home is probably 5-6k a month for most people and that’s with a lot of OT.

One paycheck a month towards a mortgage that’s a good rule of thumb. No one is brining home even 2k a week after taxes unless they’re working 60 hours every week.
 
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DriverNerd

Well-Known Member
Brownslave688 said:
After 401k and taxes take home is probably 5-6k a month for most people and that’s with a lot of OT.

One paycheck a month towards a mortgage that’s a good rule of thumb. No one is brining home even 2k a week after taxes unless they’re working 60 hours every week.
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I average 57+ hours a week, but I also max out my 401k every year and my weekly paychecks are almost always under $1500 except in November and December when I am no longer making 401k contributions.
 
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