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04-29-2015, 09:42 AM
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#3476 | | I *heart* Revscene.net very Muchie
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When we did the calcs the accel weekly vs. accel biweekly didn't really save a whole lot in the long run, for us nice to have a bit more flexibility with payments
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04-29-2015, 12:16 PM
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#3477 | | I *heart* Revscene.net very Muchie
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ya there isn't much difference...they're both accelerated.
compare regular weekly vs accelerated weekly. it's approx $15,500 saved over the amortization period (30 year) in my case
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04-29-2015, 03:24 PM
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#3478 | | Even when im right, revscene.net is still right!
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Just wondering about your mortgage payments...
Do they make 20/40/60% of your monthly income? I know it depends on other spending.
Say a couple with no kids, 1 kid, or 2 kids.
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04-29-2015, 04:05 PM
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#3479 | | My dinner reheated before my turbo spooled
Join Date: Oct 2002 Location: vancouver
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30%
I love to travel, save money, invest money and just not being house poor is awesome. A know alot of people who have 60%+ and by the time you add in getting around in this city and living expenses in general, they live pay to check to check. Fuck that.
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04-29-2015, 04:27 PM
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#3480 | | RS.net, helping ugly ppl have sex since 2001
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DINKs, our mortgage is ~25% of our income.
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04-29-2015, 04:51 PM
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#3481 | | I contribute to threads in the offtopic forum
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Originally Posted by sonick DINKs, our mortgage is ~25% of our income. | What's the responsible number for total housing spend, i think it's about 38% (total housing) of income (forget if it's pre or post tax).
For me, DINKS, living cost <20%
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04-29-2015, 07:46 PM
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#3482 | | Willing to sell body for a few minutes on RS
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Originally Posted by Special K Just wondering about your mortgage payments...
Do they make 20/40/60% of your monthly income? I know it depends on other spending.
Say a couple with no kids, 1 kid, or 2 kids. | I'm married and have one kid, we have a house in the burbs. I know because I just did my taxes the other day, it's less then 20% of our net income and that includes property taxes but not things like Hydro, telephone, gas, food ect... We got in the market before it exploded and benefited from that so our debt ratio is pretty good and probably not average. It's also the reason I'm the only person on my street who doesn't have a suite.
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04-29-2015, 08:47 PM
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#3483 | | Even when im right, revscene.net is still right!
Join Date: Jan 2013 Location: Vancouver
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Good point 4444. I assume you guys are stating 20-25% after tax income.
It seems like we are stretching it then. We are looking at mortgages that takes up 40% of our after tax income.
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04-29-2015, 08:49 PM
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#3484 | | Even when im right, revscene.net is still right!
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We are renting in downtown right now and it's 20% of our monthly income.
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04-29-2015, 08:54 PM
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#3485 | | Waxin’ Punks
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My mortage is <25% of my net income.
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04-29-2015, 09:14 PM
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#3486 | | I contribute to threads in the offtopic forum
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most metrics look at housing cost, not just mortgage cost, so include all taxes, housing energy, etc.
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04-30-2015, 09:05 AM
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#3487 | | I *heart* Revscene.net very Muchie
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I'm at 32ish%...but that's just my (take home) income...not including my wife's
that's monthly mortgage+property tax+city utilites+insurance
i used to put almost 50% of my monthly take home onto the mortgage to over pay.....my wife normally covers the monthly stuff (hydro/fortis/shaw/food)
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04-30-2015, 09:07 AM
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#3488 | | I have named my kids VIC and VLS
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Living in burmaby, it's about 20% of our monthly income.
Jesus I waste a lot of money now that I see that figure lol
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04-30-2015, 09:13 AM
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#3489 | | I *heart* Revscene.net very Muchie
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the number that scares me is the amount of money that goes towards interest on the mortgage payment
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04-30-2015, 09:39 AM
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#3490 | | RS.net, where our google ads make absolutely no sense!
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About 20% after tax for me. I live comfortably, but I don't feel "rich".
Mind you, I still save a decent amount of money for mutual funds every month for RRSPs.
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04-30-2015, 10:10 AM
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#3491 | | Pull Out Towing. Women rescued for free.
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Originally Posted by blkgsr the number that scares me is the amount of money that goes towards interest on the mortgage payment | And this is with a low interest rate.
Our parents were paying 13% and higher interest rates on cheaper real estate back in the 80's.
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04-30-2015, 10:23 AM
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#3492 | | My dinner reheated before my turbo spooled
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Originally Posted by blkgsr the number that scares me is the amount of money that goes towards interest on the mortgage payment | When you look at how much goes to interest and then how much goes to principal  | |
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04-30-2015, 10:25 AM
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#3493 | | Head of HR....have a seat on that couch
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Originally Posted by SumAznGuy And this is with a low interest rate.
Our parents were paying 13% and higher interest rates on cheaper real estate back in the 80's. | 21% 
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04-30-2015, 10:26 AM
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#3494 | | RS controls my life!
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Living in vancouver. About 57% after tax for our family
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04-30-2015, 10:40 AM
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#3495 | | I *heart* Revscene.net very Muchie
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Originally Posted by SumAznGuy And this is with a low interest rate.
Our parents were paying 13% and higher interest rates on cheaper real estate back in the 80's. | ya no doubt...but houses back then were atleast 50% of what they were now.....still not comforting figure though
my dad bought my parents his first house in new west for something like $60,000
fuck i wish those were still the prices lol
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04-30-2015, 12:01 PM
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#3496 | | I have named my kids VIC and VLS
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Rents paid $42,000 for their house in Fraser heights which is now worth about 875. My dad built an entirely new house on it but still.
For me I don't know how some of these people can be at 50%+ of their monthly income on a mortgage and be living check to check. I've got enough saved in RRSP's and investments that I could probably not work or collect EI for a year and survive and I'm still nervous as fuck. I'd have a ducking break down if I was that handcuffed to a mortgage
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04-30-2015, 12:07 PM
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#3497 | | I *heart* Revscene.net very Muchie
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ya no kidding...i was only doing it because i could...and i was still putting money away monthly to RRSP's and still having a life
i just shake my head at my friends and other people who make "ok" money....but literally have $1000 in their bank account because their too busy "having fun"
ya that's all fun and games while your 20....what the fuck are you going to do when you're 30+?
plus all the people buying nice clothes and living in nice downtown apartments and being in the same scenario...sure you looked and lived the part for a few years but that's not going to get you anywhere when you're 60
trust me i understand the desire to "live the life" but i'd rather live my life....
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04-30-2015, 12:17 PM
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#3498 | | I subscribe to the Fight Club ONLY
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Because YOLO...? Apparently, financial responsibility is over-rated and out of fashion, at least when you are in your 20's and 30's. Quote:
Originally Posted by blkgsr ya no kidding...i was only doing it because i could...and i was still putting money away monthly to RRSP's and still having a life
i just shake my head at my friends and other people who make "ok" money....but literally have $1000 in their bank account because their too busy "having fun"
ya that's all fun and games while your 20....what the fuck are you going to do when you're 30+?
plus all the people buying nice clothes and living in nice downtown apartments and being in the same scenario...sure you looked and lived the part for a few years but that's not going to get you anywhere when you're 60
trust me i understand the desire to "live the life" but i'd rather live my life.... | | |
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04-30-2015, 12:24 PM
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#3499 | | I have named my kids VIC and VLS
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Originally Posted by blkgsr ya no kidding...i was only doing it because i could...and i was still putting money away monthly to RRSP's and still having a life
i just shake my head at my friends and other people who make "ok" money....but literally have $1000 in their bank account because their too busy "having fun"
ya that's all fun and games while your 20....what the fuck are you going to do when you're 30+?
plus all the people buying nice clothes and living in nice downtown apartments and being in the same scenario...sure you looked and lived the part for a few years but that's not going to get you anywhere when you're 60
trust me i understand the desire to "live the life" but i'd rather live my life.... | I've got a few friends who work in financial management and higher end investment management and he says you'd be blown away with the amount of people even in their late 40's/50's who make 250,000+ and in some cases two incomes over 200,000 and they have nothing in terms of investments or retirement funds.
Says they look into their financial planning and you see automatic payments for mortgage, Mercedes, BMW, lawn care, country club dues, yet they have under 50k in savings. Doctors and dentists etc
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Dank memes cant melt steel beams
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04-30-2015, 08:28 PM
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#3500 | | Even when im right, revscene.net is still right!
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Wait hold on. It's nice to see that people are only spending 20-30% of their after tax family income on housing.
How is it possible in today's market??
Say the property is $1 million, 20% down, so that's $800k in mortgage.
Monthly payments at 30 years amortization is around $4000 a month (for the sake of round numbers).
At 20-30% after tax family income, we will be looking at having to earn around $350,000 gross to afford a shitty Vancouver detached or a newer multi-family.
This seems hopeless....
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