What is you Mortgage Payment and Gross Salary?

[Anonymous]

Public sector, maybe? That's where DH and I went wrong. That and my staying home 5 years, part time an additional 3 years. Not a mistake, but it's why we're behind at this point.

[Anonymous]

Anonymous wrote: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).

I was surprised, too, but once 21:08 described the household's take home pay I realized that she most likely listed their net income in her first post, not their gross.

[Anonymous]

I'm 21:08, I posted my Gross salary. The figures I gave were related to my take home are accurate for 250K. We have alot of deductions for mortgage interest and stuff and have pretax for Dependent Care and for Health. I gave gross annual amount, the paycheck amounts were NET though.

[Anonymous]

Anonymous wrote:I think only one person on this thread so far has cited family money as one way they are able to live like they do and I bet more then one DCUM has benefited greatly from an inheritance, trust or gift.

Yes, I've found this to be super common in this area as well. I know that many of our friends/neighbors received parental help with downpayments, etc.
We were given 200K by my inlaws to match the amount which we had saved ourselves. In any other area, we wouldn't have considered this type of gift (nor would the inlaws have offered).

Yes, we have been helped hugely by a family inheritance. It provided the down payment for a rental house and will pay for a year and a half of private school.

[Anonymous]

Anonymous wrote:I'm 21:08, I posted my Gross salary. The figures I gave were related to my take home are accurate for 250K. We have alot of deductions for mortgage interest and stuff and have pretax for Dependent Care and for Health. I gave gross annual amount, the paycheck amounts were NET though.

Okay, that's what threw me off -- the paychecks being net.

[Anonymous]

Anonymous wrote:damn! Some of you are making great salaries. Where did I go wrong with my 3 degrees???

I spent not a day in college, but entered the workforce at 18. I do inside sales from home (sell IT into the federal space), I never have to step foot in the office unless I feel like it or have to come in for a special meeting.

On a bad year, I make around 75K, but most years I'm making between 150K-175K (the last few years have been good to me). My husband, college educated, makes 125K and normally gets a 10% bonus.

I could do outside sales and double my income, but I like working from home, rarely seeing clients, and having NONE of the pressure. I'm only 30, so I suppose when the kids are a bit older I'll step it up a notch, but for now, I like things at the status quo.

It is nice getting large bonus checks, it makes it much easier to save when you get paid this way. I live off my base salary of 60K, so any bonus goes straight in the savings.

If you have an ability to sell, the degree means nothing, your results mean everything. You can make a very very large income in sales, but it can be a lot of stress.

[Anonymous]

Incredible salaries on this forum. I make a lot less. But my mortgage is 2600 and day care is 800, car 300.
Just got separated so the morgtgage is half my salary, spending money on lawers is no cheap fun, but I am glad it is over. I am waiting for fall this year when the one dc starts school and this be easier then.
Needless to say, I have some credit card debt.
But I do not think that I am poor. Looks like the poor do not either read these forums, or do not post.

Oh, I want to sell the house, but the agent did not want the listing unless we would be willing to walk away with nothing, and accept the possiblity of having to pay something in.

So now I am stuck.

[Anonymous]

This is absolutely crazy! I am a stay at home mom and my husband makes 125k year plus bonuses and I thought we were doing good...but you guys are unbeleivable. We live in Charleston and the cost of living is probably half of what it is in DC. All of you sound like you live a wonderful life, it sounds like even if you weren't married you would be fine. Kudos to all of you!!

[Anonymous]

Income: $550K (without bonuses which we aren't getting this year)
Mortgage: $6600 (but we double the payment so we can offset principal)
No other debt.

[Anonymous]

Income 220k
Mortgage (including taxes, insurance) is 2600


Wish we could afford a house in a better school district

We have one car payment of $700 and about 30k in student loans

No consumer debt, and some money in savings

We max out our 401ks but aren't contributing to 529s

[Anonymous]

10:14 - not sure where the better house would be - but it seems like you could certainly withstand a higher payment than you have now.

[Anonymous]

Anonymous wrote:10:14 - not sure where the better house would be - but it seems like you could certainly withstand a higher payment than you have now.

I feel like with the car and student loan payment we could not. Our mortgage is 400k, and to buy in a better school district we would need a 650k mortgage, which is more than the 2.5 times/income rule.

[Anonymous]

Mtg payment $3000
Gross salary $175,000
max out IRAs
400 /mo for two 529s
10% salary in 401ks

[Anonymous]

10:14 - Our financial situations sound similar, and we are currently comfortably carry a higher mortgage payment than you. And we have liquid savings, etc. (in other words, we're not being totally irresponsible in carrying the mortgage). Our breakdown:

Gross income - 260k
Mortgage - 4100 (this is high due to an escrow shortfall last year and some extra we're putting down on principal - our house isn't actually worth this much)
max out one 401k; fully fund IRAs; no 529s
no car payment, but student loans are almost 60k

Obviously, you may have other considerations at play. We are still decorating/furnishing our house, so that has taken up a lot of the money we would otherwise have been saving. And we don't have enough in savings to withstand more than 9 mos of unemployment (most of the income is from one job). Also, about $500 of the mortgage payment above is optional principal repayment. Anyway, your stats compared to mine just made me think you might be able to afford more. Just putting it out there as something for you to consider.

[Anonymous]

Anonymous wrote:10:14 - Our financial situations sound similar, and we are currently comfortably carry a higher mortgage payment than you. And we have liquid savings, etc. (in other words, we're not being totally irresponsible in carrying the mortgage). Our breakdown:

Gross income - 260k
Mortgage - 4100 (this is high due to an escrow shortfall last year and some extra we're putting down on principal - our house isn't actually worth this much)
max out one 401k; fully fund IRAs; no 529s
no car payment, but student loans are almost 60k

Obviously, you may have other considerations at play. We are still decorating/furnishing our house, so that has taken up a lot of the money we would otherwise have been saving. And we don't have enough in savings to withstand more than 9 mos of unemployment (most of the income is from one job). Also, about $500 of the mortgage payment above is optional principal repayment. Anyway, your stats compared to mine just made me think you might be able to afford more. Just putting it out there as something for you to consider.

10:14 here. Thanks for the input. I think that the different considerations are probably that we have two kids in full time preschool (2100k/month for both) and that you make 40k more than we do. But I am hoping to get a 20k raise and my older child is starting public school in the fall and then we will be in a different position.