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How is your monthly mortgage?

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  • Sep 26th, 2014 1:42 pm
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Deal Guru
Jun 7, 2005
10356 posts
1478 upvotes
Toronto
Homerhomer wrote: Tight on 230k income? You must have lots of children, ex spouses to support or interesting spending habits ;-)

My mortgage is around 2k per month on significantly lower income and things are not tight.
Agree. If it is tight for family with HHI of $230k, I don't know how the rest of average families in Toronto survive with HHI of just over $70k.

http://www.statcan.gc.ca/tables-tableau ... 7a-eng.htm
Deal Guru
User avatar
Mar 31, 2008
13010 posts
3095 upvotes
Toronto
sooperG wrote: It does not include property tax. Do you have kids? We don't have kids
Do you plan to have kids?

A 2900 mortgage, when you add additional housing expenses as well as living, is about $5000. If the spouse, depending on how much she makes, goes on mat leave, and add day care costs after + another mat leave, and other child related expenses, it can be very tight for awhile.
Deal Guru
User avatar
Mar 31, 2008
13010 posts
3095 upvotes
Toronto
AANJ wrote: Seems high to me. Does that include property tax? We have a HHI of 230k and my mortgage is 1900 a Month. I think my mortgage is high and I wish it was lower because it's tight sometimes.
That's approx $11K in net monthly cash flow. Add your monthly housing and basic transportation/food expenses, which would total about $4000 of fixed living costs.

You must either have high car payments, eat out alot, vacation in expensive places or family vacations with 2 or more kids for it to be 'tight'. Maybe you're renovating alot, or have another expensive hobby. Maybe you're maxing out your RRSP and any other sort of investment vehicle.
Jr. Member
Sep 16, 2009
163 posts
9 upvotes
Toronto
at1212b wrote: Do you plan to have kids?

A 2900 mortgage, when you add additional housing expenses as well as living, is about $5000. If the spouse, depending on how much she makes, goes on mat leave, and add day care costs after + another mat leave, and other child related expenses, it can be very tight for awhile.
Nope. Not planning to have kids. Not into kids and cannot afford to have one just for the curiosity :cheesygri
Member
Dec 25, 2009
408 posts
19 upvotes
Very personal question. I am afraid to disclose my payments because it is much higher than $2900/mth! Yikes!
Member
Oct 15, 2006
351 posts
155 upvotes
Markham
at1212b wrote: Do you plan to have kids?

A 2900 mortgage, when you add additional housing expenses as well as living, is about $5000. If the spouse, depending on how much she makes, goes on mat leave, and add day care costs after + another mat leave, and other child related expenses, it can be very tight for awhile.
Not only that but if one of you loses their job *knock on wood* then one of your incomes should be able to keep you afloat
Deal Addict
Feb 5, 2009
2808 posts
940 upvotes
Newmarket
J-StarR wrote: Not only that but if one of you loses their job *knock on wood* then one of your incomes should be able to keep you afloat
What percentage of people can honestly say that either of the spouses income would keep them afloat? 5%? less than that? If my wife lost her job we would survive by tightening the belt a bit, if I lost my sources of income we would be royally screwed (once we have gone through the emergency funds).
Member
Sep 18, 2010
231 posts
8 upvotes
Oakville
Homerhomer wrote: Tight on 230k income? You must have lots of children, ex spouses to support or interesting spending habits ;-)

My mortgage is around 2k per month on significantly lower income and things are not tight.
No ex spouses. Two kids, private school. But we do like to vacation. My property tax is almost $1000 a month.
Member
Sep 18, 2010
231 posts
8 upvotes
Oakville
at1212b wrote: That's approx $11K in net monthly cash flow. Add your monthly housing and basic transportation/food expenses, which would total about $4000 of fixed living costs.

You must either have high car payments, eat out alot, vacation in expensive places or family vacations with 2 or more kids for it to be 'tight'. Maybe you're renovating alot, or have another expensive hobby. Maybe you're maxing out your RRSP and any other sort of investment vehicle.
No car payments. Don't eat out much, maybe we spend $150 a month on eating out at the most.
Deal Addict
Oct 20, 2011
1164 posts
442 upvotes
Mississauga
sooperG wrote: Not into kids and cannot afford to have one just for the curiosity :cheesygri
Just imagine for a second if your parents had the same mindset! :cheesygri
Member
Dec 28, 2011
351 posts
137 upvotes
TORONTO
28 years old and paying 3200 per month for the past few years, plus property taxes. Dual income helps, but so does an engineering salary in high tech. Children coming soon and things will probably get a bit tighter...
Deal Addict
User avatar
Jul 26, 2004
3356 posts
62 upvotes
Ontario
We paid off our first house a year ago. I felt like we were blowing our extra cash on useless junk, hobbies, vacations so we upgraded to a larger home to sort of 'force' us to put money into something a bit more useful. Mortgage only is just under $1600/mo.
Jr. Member
Sep 16, 2009
163 posts
9 upvotes
Toronto
MyDream1 wrote: Just imagine for a second if your parents had the same mindset! :cheesygri
It would be one less person contributing to the population over growth. Lol
Member
Mar 28, 2013
208 posts
19 upvotes
SCARBOROUGH
MyDream1 wrote: What I find alarming is the amount of interest some people will end up paying by the time a house is paid off. One thing I always kept in mind, is the interest paid on a loan/mortgage, you will never get back. In other words, the less you pay the closer you become to being Financially Independent.
Yes and no. We bought a home for $230k about 9 years ago and wished it we bought a $300k home back then as it would be worth 600k vs 460k. So yeah we paid it off and saved interest but we lost on leveraged market gains. Assuming the market keeps going up.
Deal Addict
Oct 14, 2004
1474 posts
438 upvotes
Toronto
at1212b wrote: Do you plan to have kids?

A 2900 mortgage, when you add additional housing expenses as well as living, is about $5000. If the spouse, depending on how much she makes, goes on mat leave, and add day care costs after + another mat leave, and other child related expenses, it can be very tight for awhile.
+1

In a very similar situation and it is easy for things to get tight. We have one leased car, take ttc to work, a 1950's nicer house but needs a reno top to bottom and wife is on Mat leave.

Mat leave and daycare are killers...
Deal Expert
User avatar
Sep 21, 2010
15185 posts
4647 upvotes
Montréal
sooperG wrote: Nope. Not planning to have kids. Not into kids and cannot afford to have one just for the curiosity :cheesygri
Exactly, if you think that your home is a money pit, wait till you breed one of those little monsters lol.
Deal Addict
User avatar
Jun 20, 2010
1621 posts
251 upvotes
Newmarket
tranquility922 wrote: Exactly, if you think that your home is a money pit, wait till you breed one of those little monsters lol.
i bread two of those monsters
a money pit, i tell you ;)

$1800/month + $200 maintenance fee
Deal Expert
User avatar
Sep 21, 2010
15185 posts
4647 upvotes
Montréal
jelena-c wrote: i bread two of those monsters
a money pit, i tell you ;)

$1800/month + $200 maintenance fee
LOL, what's the $200 maintenance fee for...? :D
Deal Addict
Oct 20, 2011
1164 posts
442 upvotes
Mississauga
sooperG wrote: It would be one less person contributing to the population over growth. Lol
Last time I checked, Canada didn't have that problem.

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