What % of your take home income goes to your mortgage?

Anonymous wrote:

Anonymous wrote:42%. We have a high HHI, so the remaining 58% is more than enough for other expenses and savings, however.

Also, this includes insurance and taxes (which are very high in Montg Co)

It continues to stun me how much the property go up. We refinanced 5 yrs and our combined mortgage/escrow was $3820/month. Now it is $4400/month. All due to increases in property taxes. Oh yeah, our house is assessed at $1.2 million but we just had an appraisal and it is down to $914K. Maybe I'll fight the assessment next time. Do you ever win an assessment challenge?

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07/13/2010 11:45

Subject: What % of your take home income goes to your mortgage?

Anonymous

33%, including property taxes (15 year loan)

I have never tried to contest my assessment because when I complained once they told me that unless a sale was made the same month as my assessment for an exact same house they wouldn't give it much weight

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07/13/2010 11:50

Subject: Re:What % of your take home income goes to your mortgage?

Anonymous

About 17%. We bought the house 3 years ago and since then my DH's income had almost doubled. No plans to trade up to a bigger/more expensive place. It feels so good to have real "disposable" income.

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07/13/2010 12:12

Subject: What % of your take home income goes to your mortgage?

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:42%. We have a high HHI, so the remaining 58% is more than enough for other expenses and savings, however.

Also, this includes insurance and taxes (which are very high in Montg Co)

It continues to stun me how much the property go up. We refinanced 5 yrs and our combined mortgage/escrow was $3820/month. Now it is $4400/month. All due to increases in property taxes. Oh yeah, our house is assessed at $1.2 million but we just had an appraisal and it is down to $914K. Maybe I'll fight the assessment next time. Do you ever win an assessment challenge?

Yes I did. It was in DC though and i think you are in MoCo. The window to fight DC assessments passed a few months ago. I didn't get what I asked for but I got a significant reduction. I can give you some tips if interested.

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07/13/2010 12:36

Subject: What % of your take home income goes to your mortgage?

Anonymous

40% for our mortgage

This is after we take out our 401K contributions. We do have student loan debt, but no other debt, and a 6 month emergency fund, so we're okay with this.

We also have a fairly low HHI (in this area) and it needed to be this high to afford a house.

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07/13/2010 12:43

Subject: What % of your take home income goes to your mortgage?

Anonymous

Anonymous wrote:

Anonymous wrote:
It continues to stun me how much the property go up. We refinanced 5 yrs and our combined mortgage/escrow was $3820/month. Now it is $4400/month. All due to increases in property taxes. Oh yeah, our house is assessed at $1.2 million but we just had an appraisal and it is down to $914K. Maybe I'll fight the assessment next time. Do you ever win an assessment challenge?

Yes I did. It was in DC though and i think you are in MoCo. The window to fight DC assessments passed a few months ago. I didn't get what I asked for but I got a significant reduction. I can give you some tips if interested.

We fought our MoCo assessment and got our assessed value lowered from $430K to $330K (obviously much lower value than your house, but that probably means yours would go down by an even higher percentage). It's not a tough process. The form is on the website and you just need to do it by their deadline.

http://www.dat.state.md.us/

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07/13/2010 12:50

Subject: What % of your take home income goes to your mortgage?

Anonymous

11% We are fortunate.

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07/13/2010 13:08

Subject: Re:What % of your take home income goes to your mortgage?

Anonymous

18% (including mortage + property taxes)

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07/13/2010 13:21