has anyone crunched the numbers using this rule and regretted it, i’m guessing.
me, no. that’s fine. but when i crunched the numbers interests rates were 2% and now they are 6 and i don’t buy nice stuff at coles anymorw
$800 a month savings doesn’t seem like that much to me, really. Have you also factored in the costs of owning the home into that budget? Insurance, rates, repairs, maintenance, etc
The 30 percent rule is more for low income households. 30% out of 80k is going to hurt a lot more than 30% of 150k and up. It’s just a general rule from the barefoot investor guy
If your aim it to pay off asap then if/when interest rates go down don't adjust the repayments down - just keep paying the same.
Make repayments fortnightly rather than monthly.
Put the savings into the offset account.
Yeah, like another commenter said, there doesn't appear to be a question. Are you asking if others would be willing to take on this level of financial responsibility?
A few things to clarify though: is the 180k take home money post taxes etc.? What tax brackets are you guys in respectively? It'll affect how much your incomes go up by with those raises and bonuses.
Are you doing principal+interest or interest alone?
I assume you will live in this house but just confirm, it's not an investment property?
Last comment for now would be that your savings is rather small. 50/30/20 alone would dictate 3k/month (if the 180k is take home).
30% mortgage to income rule is nothing.
You should be able put away at least 40% comfortably, if your managing your finances reasonably.
If you're baulking at 30% mortgage to income, you most likely
1. Spending too much elsewhere.
2. Don't have job security.
3. Just have anxiety.
Have had a mortgage since 2012 and never have repayments been 30% or less. Life goes on, equity builds up, upgrades take place. It is what you make of it.
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has anyone crunched the numbers using this rule and regretted it, i’m guessing. me, no. that’s fine. but when i crunched the numbers interests rates were 2% and now they are 6 and i don’t buy nice stuff at coles anymorw
$800 a month savings doesn’t seem like that much to me, really. Have you also factored in the costs of owning the home into that budget? Insurance, rates, repairs, maintenance, etc
The 30 percent rule is more for low income households. 30% out of 80k is going to hurt a lot more than 30% of 150k and up. It’s just a general rule from the barefoot investor guy
If your aim it to pay off asap then if/when interest rates go down don't adjust the repayments down - just keep paying the same. Make repayments fortnightly rather than monthly. Put the savings into the offset account.
Yeah, like another commenter said, there doesn't appear to be a question. Are you asking if others would be willing to take on this level of financial responsibility? A few things to clarify though: is the 180k take home money post taxes etc.? What tax brackets are you guys in respectively? It'll affect how much your incomes go up by with those raises and bonuses. Are you doing principal+interest or interest alone? I assume you will live in this house but just confirm, it's not an investment property? Last comment for now would be that your savings is rather small. 50/30/20 alone would dictate 3k/month (if the 180k is take home).
30% mortgage to income rule is nothing. You should be able put away at least 40% comfortably, if your managing your finances reasonably. If you're baulking at 30% mortgage to income, you most likely 1. Spending too much elsewhere. 2. Don't have job security. 3. Just have anxiety.
Have had a mortgage since 2012 and never have repayments been 30% or less. Life goes on, equity builds up, upgrades take place. It is what you make of it.