Whats a average mortgage affordable for 4 2 kids , mom, dad?

I just bought a house and have a doubt about a affordable , reasonable mortgage? What do u think is $$ including taxes

My mortgage is 1250$ is that low or high at a nice neighborhood split level 3 bed located in il
My family's income is about 80k my wife and I work


Most Helpful Girl

  • I feel like, prior to buying the house, you would have figured out what the mortgage would be. Like... I feel like that's something your bank tells you. Or realtor. Or seller. Or calculator.

    And you should know what you can afford prior to buying it.

    I just feel like that's something people figure out prior to buying houses.

    All that to say... I have no idea what a reasonable cost is. But I do know that houses are big investments and typically people only buy within their budget.

    • So if you can afford that mortgage every month then it's a good price. Sounds reasonable for the situation you're describing. If you can't afford that every month (with other bills and such) then it's not a good deal.

Most Helpful Guy

  • Sounds like you have your spending properly allocated. Based on what you have given your gross per month is about 6.5k. So that puts about 1/6th of your funds going towards your mortgage. I have read that analysts recommend less than 30% of your income towards rent or mortgage. You are way below that average and your tax breaks versus mortgage interest should go a long way with annual deductions. Just make sure you are on par with your savings. 10-20% should be devoted monthly towards retirement in some way or fashion. If I could go back 20 years and put forth more effort towards retirement I would be feeling very good right now.

    After two years of paying on that mortgage and controlling any other debts you should be set to refinance at a 3.9% or lower. That will likely drop that payment from 1250 to 800 per month, which will give you even more breathing room.

    Sounds to me all you need to do is stay the course and plan ahead and you will do better than 90% of the US in twenty years.


What Girls Said 1

  • The exact affordable amount is $7.38/ month


What Guys Said 2

  • Depending on your income really.
    My father paid off his mortgage on a $300,000USD apartment in about 7 years at 10% down payment.
    That was back during the DOT COM boom era tho.
    In this volatile environment today , the average mortgage loan is about , 200,000 CAD ish.
    Maybe push the number lower cos it's skewed by outliers , them multimillion mansions.
    So... the market mortgage is about... 180,000CAD ish?
    You're gonna spend the next 10 years paying it off so... think carefully.
    I think there's a few real estate market cooling measures that came out recently.

    The rates are gonna be looking good with banks desperate for business.

    • Your mortgage is...$1,250?
      So at 10% down , that's like a 125 down payment?
      Where the fuck are you living?

    • Oh wait MONTHLY!
      Yeah that sounds good enough. Most rent probably go for that amount anyway.
      I'm paying $1300 monthly for a bachelor pad so... yeah.. you're smarting than I am.
      *saving for my down payment*

    • *smarter*

  • There is usually a mortgage consultant/broker that you can ask how much you and your wife or other people are approved for. The average mortgage always depends on the location and we can't really say the average affordable for all. You need to consult with a broker to figure that out.