Monthly budget

[magster65]

With my monthly expenses increasing faster than my income (furnace oil... ouch!). Next time my mortgage comes up for renewal I'm going to have to re-adjust my payments/ammortization. How do you folks figure out what to set your payments at? A percentage or just 'wing it'?<br />My mortgage currently takes about 1/2, maybe a little more of my net income.

 

[one more cast]

Re: Monthly budget

My mortgage is fixed rate and is about 25% of my income. I think the banks say 30% max.

 

[ndemge]

Re: Monthly budget

mag..<br />Here is a great loan calulator<br />you can play with the #'s to get exactly what your looking for<br /><br /> http://ray.met.fsu.edu/~bret/amortize.html

 

[dolluper]

Re: Monthly budget

If you can,play weekly it works out to 52 payments,you can decrease your payments and pay it off quicker since the interest is less by paying sooner.Also don't included your tax payment with your mortage, pay it seperate instead of paying interest on it to.<br />Monthly costs you more interest since the bank waits 30 days for payment your charged interest daily<br />Biweekly costs you more than weekly but less than monthly<br />Some different mortages are very fexible,shop around you would be surprized what is out there,they are all fighting for the business

 

[Barbee Q]

Re: Monthly budget

Well that sucks, Now I know your not coming to California for X-mas.....

 

[jtexas]

Re: Monthly budget

one-half? somebody's got too much house! You mean half of net after all your withholding including insurance, 401k and all? I guess mine is a bit less than a quarter.<br /><br />Your mortgage comes up for renewal? How does that work? You got a balloon mortgage?

 

[magster65]

Re: Monthly budget

California... maybe. <br />It's actually a bit less than half, not more. I pay bi-weekly so with that payment plan I have 8 years left. I could take an ammortization for the remaining term but the interest is higher on the longer terms so I'd have more like 9 or 9 1/2 years left. My house was too much for my son and I but I put a suite in downstairs (in the extra rooms) and built a shop. The suite pays for my utilities, insurance and gas. Tenants are a hassle but it's worth it I think.