If you purchased your home after 2005, what % of your income is your mortgage?
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Anonymous
PITI = (mortgage) Principal, Interest, (real estate) Taxes, and (home) Insurance; i.e. everything that is rolled into your monthly payment to your mortgage lender, assuming you escrow for insurance and RE taxes. |
Anonymous
| 13% of our gross |
Anonymous
| Why is anyone calculating it against gross? Net is the money you actually have to spend... |
Anonymous
I think for one, it's because net vacillates throughout the year, it's not static. Also, in the larger scheme of things everyone's PITI v. gross is apples to apples in terms of measuring relative percentage; everyone's net is different, depending on the deductions one takes, local taxes they pay based on where they choose to live, what one contributes to retirement, etc. |
Anonymous
| 16%, PITI |
Anonymous
| PITI is 15% of our gross. |
Anonymous
|
Mortgage + Taxes + insurance = 28% of net (one salary, I currently SAH--no plans to go back to work any time soon)
Purchased in August 2006 |
Anonymous
PP here...I used net instead of gross because Dh is military and a large chunk (about 1/4) of his pay is housing allowance, which is not subject to tax. |
Anonymous
| Currently PITI is 13% of gross, although when we bought it was closer to 30% (we've refinanced and also make a lot more money). Our childcare expenses are about 21% of our gross HHI though so we need our housing expenses to be 'low'. |
Anonymous
|
Mortgage ~12% of gross
PITI ~ 15% of gross Took about 1/3 the mortgage the grifters in the mortgage industry told us we could have in '07. |
Anonymous
| PITI is 9% gross. We bought last year. Bought way under what we were approved for (still in a close in suburb) but can comfotably afford a full time nanny which I care about way more than having an extra guest bedroom. |
Anonymous
|
PITI = 13% of gross.
But that number was more like 17% when we first bought our house 2008. Our incomes have gone up and we've refinanced twice. |
Anonymous
| PITI 18% of gross. 2010 purchase close-in. |
Anonymous
| About 25% of net. |
Anonymous
| Looks like PITI is 22% of our gross. And we're not close-in -we're in western fairfax. We make pretty close to the Fairfax County median income and our house, which we bought last year, is on the cheap side for SFHs in the burbs. We just wanted a house with a yard in a neighborhood with decent amenities. We were just lucky that we were able to sell our previous property (bought in 2003) for a profit, or else we couldn't have afforded this modest property. |