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InvisibleAhab McBathsalts
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How much of your monthly take home pay do you spend on your mortgage?
    #27258567 - 03/18/21 09:06 AM (2 years, 10 months ago)

I've had no payments for anything for a really long time. No debts, no car, no rent. I'm getting close to buying a place, but I want to keep my mortgage payments really small by putting in a giant downpayment. Mostly because that would be the only way I could be comfortable with having payments for such a long commitment. It would be nice to not base my monthly budget on what I currently make as I hope to move to something with much less hours and stress and presumably pay.


Anyway how much as a percent of your takehome after tax do you spend on your mortgage and how long is your amortization period? When will your house be paid off?


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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Invisibletrees
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27258637 - 03/18/21 10:01 AM (2 years, 10 months ago)

Just find a house you can afford in cash so you dont pay any mortgage. People think this is impossible but its actually a fake problem, and nice houses under 50k with land are everywhere.


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Invisiblesh4d0ws
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: trees]
    #27258665 - 03/18/21 10:25 AM (2 years, 10 months ago)

Not in Canada


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Invisibletrees
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: sh4d0ws]
    #27258676 - 03/18/21 10:36 AM (2 years, 10 months ago)

A quick search I already found 10's to hundreds of complete houses all across Canada for as low as 25k with additional land. They're all in the country but that beats city living anyway.

https://www.realtor.ca/map#ZoomLevel=3&Center=52.424895%2C-92.335070&LatitudeMax=70.03317&LongitudeMax=-60.69444&LatitudeMin=23.35591&LongitudeMin=-123.97569&Sort=6-D&PropertyTypeGroupID=1&PropertySearchTypeId=1&TransactionTypeId=2&PriceMax=50000&BedRange=1-0&Currency=CAD

Some of those around 40k are nice! TF you talking about "not in Canada"

Where do you want to live Ahab?, I will find you your dream home for under 50k. We could find you something nice, with at least 5 acres of land to yourself, all amenities and NO neighbors.


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Edited by trees (03/18/21 10:53 AM)


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Invisibletrees
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: trees]
    #27258746 - 03/18/21 11:24 AM (2 years, 10 months ago)

Dude this place has a fucking killer view. All amenities, no neighbors. The house is simple but looks sturdy and clean.  you have a half acre, not terrible. If you font like how visibly exposed the house is you'd just spend a year planting trees.

I'd be attracted to this property for 49k which id offer them a cool 40. And taxes are dirt cheap

https://www.realtor.ca/real-estate/22939986/9-islandview-drive-stlunaire-griquet

thats your balcony view. Over in scam ville where they sling houses for mortgages; thats a million dollar view



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Edited by trees (03/18/21 11:28 AM)


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InvisibleNimpo
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: trees]
    #27258770 - 03/18/21 11:41 AM (2 years, 10 months ago)

About 35% for me.

I dont plan to live here for more than 3 years. Ill be renting it out to have it pay for itself, and will probably flip it in about 8-10 years.


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Invisiblesh4d0ws
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: trees]
    #27259205 - 03/18/21 04:26 PM (2 years, 10 months ago)

Yes if you want to live in the middle of nowhere, you can find a cheap house...but Canada is huge and most people don't want to live in those places or can't because there aren't many jobs available. Basically even in any medium sized town/city you are paying at least $150 to $200K and the housing market here right now is ridiculous, with people paying 10% to 30% over asking on the regular. A lot of the semi-big cities house prices are astronomical like $400K+.

Ahab travels a lot for employment, so maybe something like that is a fit, but not sure if taking a less stressful job means he's going to settle down somewhere.


To answer the original question, my mortgage is a bit over 50% of the money I make per month currently. Been in school for 3 years, I'm done in a month though. Once I get a decent job that should be closer to 30%.


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InvisibleAhab McBathsalts
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: sh4d0ws]
    #27259383 - 03/18/21 06:37 PM (2 years, 10 months ago)

I probably want to get a condo in downtown Calgary. I need to be within a taxi drive to a fairly large airport.


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OfflineBrian Jones
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: trees]
    #27259946 - 03/19/21 05:59 AM (2 years, 10 months ago)

Quote:

trees said:
A quick search I already found 10's to hundreds of complete houses all across Canada for as low as 25k with additional land. They're all in the country but that beats city living anyway.

https://www.realtor.ca/map#ZoomLevel=3&Center=52.424895%2C-92.335070&LatitudeMax=70.03317&LongitudeMax=-60.69444&LatitudeMin=23.35591&LongitudeMin=-123.97569&Sort=6-D&PropertyTypeGroupID=1&PropertySearchTypeId=1&TransactionTypeId=2&PriceMax=50000&BedRange=1-0&Currency=CAD

Some of those around 40k are nice! TF you talking about "not in Canada"

Where do you want to live Ahab?, I will find you your dream home for under 50k. We could find you something nice, with at least 5 acres of land to yourself, all amenities and NO neighbors.




If they cost 25K, very few people would want to live there. It's that "Location" thing they talk so much about in real estate.


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"The Rolling Stones will break up over Brian Jones' dead body"    John Lennon

I don't want no commies in my car. No Christians either.

The worst thing about corruption is that it works so well,


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Offlineblackhawk
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Brian Jones]
    #27262324 - 03/20/21 06:26 PM (2 years, 10 months ago)

If I'm lucky and don't have to spend too much with my current pay, around 800 plus 500 extra on principal a month. At this rate, maybe i'll be done paying in 7 years (20 years ahead of schedule). My last job pre-covid (fucking covid:mad2:) I could have been dropping 1200 extra and been done a little after 3 years.


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Invisiblebadchad
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27264043 - 03/22/21 04:36 AM (2 years, 10 months ago)

About a third of my wife and I's combined goes to a 30 year mortgage.  However, when I bought my first house it was closer to 50%.  There are a variety of "rules" for how much of your take home you should spend on living costs.  Keep in mind absolute amounts as well.  For example, I may spend 33% of my take home on a mortgage, but the remaining 66% is a lot of money left over for other stuff.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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OfflineAwaken_Us
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27279907 - 04/24/21 12:10 AM (2 years, 9 months ago)

mine is about 40% of my Net income after taxes and expenses, but i bought an old house that has required alot of work and money input to fix it up and general ongoing maintenance which is always a factor.

I live in the country in New Zealand, our housing prices are getting rediculous. the median house price is something like $800k NZD.

I didnt have much choice of where to buy. im happy with where i live, but consider whatever you buy, your committed to it for a long time unless you are willing to sell or rent it and the hassles that come with that.

One other aspect to consider, is the social thing. living out in the country, especially if you move to a new area, it can be hard finding likeminded friends, the further away you live from people, the less choice you have when it comes to socialising. this is my dilemma currently, and im considering finishing the house to rent it out, and moving somewhere else for a change. if it doesnt go to plan, at least i can always move back home.


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InvisibleAhab McBathsalts
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Awaken_Us]
    #27280008 - 04/24/21 02:46 AM (2 years, 9 months ago)

Canada has similar housing price problems, but I've been spending a lot of time in the USA lately and enjoy being down in the Gulf region of Alabama and Florida. It's a lot to think about to want to go for citizenship.


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InvisibleLophosaurus
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27280962 - 04/25/21 12:45 AM (2 years, 8 months ago)

My mortgage is about $2000, but I pay more than the minimum every month and my house has more than tripled in value since I purchased it in 2017. It's kind of a small house, but I made it really nice inside and made a decent yard with a deck that overlooks San Francisco and Oakland. My monthly pay varies. I make $125 to $300 an hour and work 6 to 7 days a week. Sometimes 4 hours a day and sometimes up to 9 hours.


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OfflineEnkidu
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Lophosaurus]
    #27281614 - 04/25/21 02:40 PM (2 years, 8 months ago)

I think generally housing expense is best kept to 25%

Thats really hard for someone like me whos income is too low to make that possible.

But if you can manage it then 25% seems a good start


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InvisibleAhab McBathsalts
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Enkidu]
    #27281722 - 04/25/21 04:10 PM (2 years, 8 months ago)

Quote:

Enkidu said:
I think generally housing expense is best kept to 25%

Thats really hard for someone like me whos income is too low to make that possible.

But if you can manage it then 25% seems a good start





25% is the goal right now, but I work about 25 hours a week in overtime and I can't sustain that over the lifetime of a mortgage. If I can keep up this crazy amount of work for 6 more years, I can put like 50% down and have a really cheap mortgage and work a lot less hours.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."


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OfflineEnkidu
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27281734 - 04/25/21 04:21 PM (2 years, 8 months ago)

25 hours of overtime, holy hell

Im saving up for a down payment on a house right now as well

That sounds like a decent plan you got

Im just trying to get 10-20% asap then ill probably pull the trigger


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InvisibleAhab McBathsalts
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Registered: 11/25/02
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Enkidu]
    #27281802 - 04/25/21 05:38 PM (2 years, 8 months ago)

Anything over 80 hours a week is crazy excessive, 65 ain't horrible.


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OfflineEnkidu
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27281804 - 04/25/21 05:40 PM (2 years, 8 months ago)

Guess it depends on the work and your responsibilities outside of work


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OfflineAwaken_Us
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Lophosaurus]
    #27291466 - 05/03/21 05:29 AM (2 years, 8 months ago)

$125-$300/hour, man that is alot of income by most peoples standards.

No such thing as overtime for alot of people here, including myself being a contractor. lots of expenses and management and i have to hope extra hours i do will equal more pay based on results


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OfflineEnkidu
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Awaken_Us]
    #27292313 - 05/03/21 03:42 PM (2 years, 8 months ago)

Yeah i missed that.

I make 16.50 an hour. Most ive ever made in my life. Work for a GC

*edit, most ive ever made legally.

Made a hell of a lot more illegally which is the most ive ever made in my life.

Making min wage and shit is exactly why i did it. Well that and it was a good deed in its own right


--------------------
Within You , Without You


:mushroom2::levitate::mushroom2:


Edited by Enkidu (05/03/21 03:43 PM)


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OfflineAwaken_Us
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Enkidu]
    #27293330 - 05/04/21 04:27 AM (2 years, 8 months ago)

Been there, you gotta do what you gotta do man


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OfflineTripsurfer
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Awaken_Us]
    #27314979 - 05/19/21 11:30 AM (2 years, 8 months ago)

Nothing!

Payed off the whole thing last year

Feels good too

Dont even care if Im just sitting on a couple hundred K


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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InvisibleLophosaurus
suruasohpol
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Enkidu]
    #27315671 - 05/19/21 10:41 PM (2 years, 8 months ago)

Quote:

Enkidu said:
Yeah i missed that.

I make 16.50 an hour. Most ive ever made in my life. Work for a GC

*edit, most ive ever made legally.

Made a hell of a lot more illegally which is the most ive ever made in my life.

Making min wage and shit is exactly why i did it. Well that and it was a good deed in its own right





I make pretty good money now. Actually I should be charging a little more compared to what others charge. I'm not a bragger, but I'm one of the best at what I do too, and that comes from other people telling me that.

I didn't always make that much though. 20 years ago I started at $7.50 an hour and I had to do hard work and work my way up while gaining knowledge and going to school full-time. I was always crawling through attics and digging ditches, sometimes for 8 hours a day and once in a while for weeks at a time. One time I literally worked everyday for a whole summer and those were long days too.

Most of the people that I started with or started to train left the job because they couldn't handle it or they just wanted quick money. The people I know who left found a job that paid like $14 at the time and I was kind of jealous, but now they are only making like $18 and have no skills.


What ever you guys do for work make sure that you're learning a skill and not just being a waiter or cashier. Stick with that skill and keep improving on it while learning more and more about it and also learn more about related skills. Eventually you will specialize in it and you will become extremely valuable to your boss or could open your own company.


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OfflineTripsurfer
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Lophosaurus]
    #27316268 - 05/20/21 12:00 PM (2 years, 8 months ago)

What do you do for a living?

I only make around $45 per hour but that goes steadily on for 36 hours a week, every week. Including 6 weeks vacation

COO in a scale-up med-tech company


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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InvisibleLophosaurus
suruasohpol
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Tripsurfer]
    #27316991 - 05/20/21 11:02 PM (2 years, 8 months ago)

$45 is super great! Especially if you're working for someone else and don't have the responsibility of running your own deal.

I'm an electrical contractor. I mostly do residential construction. Probably like 85% residential and 15% commercial work. Lately I have been upgrading old services, rewiring houses, and installing EV chargers. In addition to that I buy houses and slowly rebuild them to sell for more money.

I also have an engineering degree, but I started doing electrical work to pay my way through school and now I make more doing this than I would if I was doing engineering. I also like the workout I get, building and repairing stuff for people, and going to new places every week. I find this job very rewarding, except for all the thefts that I have to deal with, and I'm not the type that is able to sit at a desk.


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OfflineTripsurfer
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Lophosaurus] * 1
    #27317045 - 05/21/21 01:49 AM (2 years, 8 months ago)

Being an entrepreneur is way underestimated

People only see the good things but dont know about the insane amount of work and responsibility involved


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.



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Offlinebsnow4
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Re: How much of your monthly take home pay do you spend on your mortgage? [Re: Ahab McBathsalts]
    #27317917 - 05/21/21 07:10 PM (2 years, 8 months ago)

My wife and I take home about $8000 per month after taxes.  We put $1500 per month into our mortgage (30-year, which we hope to pay off early).

Most of the rest is going into student loans.


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