When trying to figure out the 30% of income on housing, what constitutes housing? Mortgage payment? Plus insurance and taxes, I presume, but plus water and utilities? I'm trying to figure out if I'm still in good financial shape, and perhaps buying a bigger house.
2007-09-30 08:13:24 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
PD,
thanks for asking b4 u get sold into something u shouldn't buy.
what the banks say will get u shafted with the down turn in the market.
suggest a 30 yr or less fixed rate (P&I) equals one weeks take home (net) pay not gross pay. 2nd week can go for utilities, taxes , PMI, up keep/maintenance. 3rd week go for food , transportation costs, empty house syndromn, 4th week to pay off creit slave cards and invest/save for retirement. unless u believe in S.S. fairies.
Buy as small as u need not as big as u see an investment or u'll get a visit from an associate.
suggest visit daveramsey.com to learn what banks pray u never learn - how to own ur cash not be owned by it.
2007-09-30 08:26:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Mortgage, insurance, taxes, PMI = not more than 25% of net pay.
2007-09-30 15:57:05 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋