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What is you Mortgage Payment and Gross Salary?
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Anonymous
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Combined income: ~$150K +$25K in annual bonuses (I'm part-time)
Mortgage: ~$2,200 (our house was about $700K when we bought it a few years ago, but we were able to do a large down payment because we sold my condo and my husband's townhouse when we got married) Daycare: $2,900/month for two kids We have no other debt, two cars with no payments, and decent investments that we both started well before we met each other. We also contribute a small amount to 529s for both kids but expect to increase this amount as our daycare costs go down and are eventually eliminated. |
Anonymous
| On gift taxes: You can actually make gifts that are larger than the annual allowance. They just count against your lifetime allowance for the estate tax exemptions. |
Anonymous
| 20:55 here... correction - our daycare costs are $1,900 now that they are just part-time. The $2,900 was when I was still working full-time. |
Anonymous
OP here...I definitly do not think that this is some sort of scientific poll and the most of the posters on DCUM are clearly upper and middle class families, so I'm well aware that this is not a true cross refrence of the area. I could probably check the census bureau for demographic of various county's if I really wanted. I'm not sure what comfort I can possibly find from this, I did not realize that I came accross as uncomfortable 
I find it simply interesting (as many other posters do as well) I also see that many posters here are seemingly quite conservative & responsible with the amount of housing debt that they are willing to take on. To the people making it on less than 100K per year, you should be really proud of yourselves! This is a VERY tough area to live in on that sort of income and you all must have a lot of discipline and organization. |
Anonymous
| RE large gifts: each grandparent can write separate checks to child, child's spouse, and each grandchild. Our folks began writing checks at the end of one tax year and then wrote additional checks at the beginning of the next tax year. Or: you could have a joint account with your parent -- they can deposit money periodically and you have access to it. |
Anonymous
| Well, thanks. But it's really not a matter of discipline if the money isn't there. It's more a matter of concrete reality. |
Anonymous
Of course, I lived on that income too, and racked up quite a bit of consumer debt and even had a Nordstrom card go to collections (why on earth did I even think I could shop there?). If you can live on that income within your means, you are probably much better than the rest of us with higher incomes. |
Anonymous
4,400 mortgage? Seems like alot for your salary, which incidentally is ours? How much was the house? |
Anonymous
I'm not that poster, but its not too high for that income. That is a front end debt to income ratio of 21%. If her back end ratio does not exceed 30% then she is considered very solid at that mortgage. A 250K mortgage will net you around 12,500/mo, assuming 40% is taken in taxes and other monthly deductions. Seems to me, that this would leave pleanty for savings, especially given her low childcare costs. |
Anonymous
| It's my 4400 mortgage. Original purchase was 850K with 200K down. 30 year fixed mortgage at 5.125 % and that includes taxes of about 7,000 a year. We put 2K a month in savings every month and we max 401K, we take 3 vacations a year and we feel pretty comfortable. It's well within the recommended limits for spending on a home. |
Anonymous
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21:08 -
Just curious, because you seem to do so well - I'm comparing us, and I fall short. One 401k or 2? (Thus 15,500 or 31,000 last year). |
Anonymous
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I'm 21:08. I fund my 401K 10% (13,000), my husband does 6% (not sure exact dollar amount), so around 20K. My paycheck is 3200 every two weeks after all the deductions. My husband's is 3400. So every month I have nearly 13,000 take home to play with.
Mortgage (4400) Utilities and Cable and Phone (700) Car Insurance (100) Gas (150) Savings (2,000) Personal Stuff (Haircuts, Manicures, Etc) (400) Clothes (200) Groceries (700) Dining out (300) Entertainment (400) Child Care (1100) Vacation Fund (500) Household Stuff (200) Leisure (Gym, sports leagues) 200 529 Account (300) i am sure I left stuff out but that still leaves us about 2K wiggle room and we do waste it away sometimes. I think we could save more. We are trying to get 12 months living expenses saved so husband can start own business. Maybe you have other expenses we don't? Like car payments? Or student loans? Good luck! |
Anonymous
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$190k
1400- mortgage $750 -car payments (one will be payed off this spring) $3000/month - nanny for 2 kids (this is what is killing us.) |
Anonymous
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Many of you are so lucky with the wealthy grandparents helping - while my inlaws could definitely afford to help with the huge inheritance they have, they have never thought of offering anything. Nothing - and they know we live in DC area, have kids in expensive daycares and are working our butts of to work and fix up our small house. We do not even get gifts for christmas/birthdays. Relationship is what I call "normal" - it just does not cross their mind. It makes me rather disappointed...compared to my parents who have very little but keep offering help (which I refuse to take cause I know how little they have).
Sigh, just a vent. |
Anonymous
| damn! Some of you are making great salaries. Where did I go wrong with my 3 degrees??? |