House Payment Is Over 50% Of My Take Home Pay!

House Payment Is Over 50% Of My Take Home Pay!. How the mortgage deduction can increase your take home pay

House Payment Is Over 50% Of My Take Home Pay! video duration 3 Minute(s) 53 Second(s), published by The Dave Ramsey Show on 09 05 2018 - 19:00:09.

Buying too much house can cause you to be house poor before you know it
Know how much home you can afford before you buy
Discover your mortgage Figure out your mortgage options
https://goo.gl/1up9dK.

Figure out your mortgage options
https://goo.gl/1up9dK Buying too much house can cause you to be house poor before you know it
Know how much home you can afford before you buy
Discover your mortgage With a new mortgage, you now have a new tax deduction
I go through the steps you need to take to increase your take home pay
Please remember, this is not .

Buying too much house can cause you to be house poor before you know it. Know how much home you can afford before you buy. Discover your mortgage options: https://goo.gl/1up9dK

SUMMARY

In this video, Dave takes a call from Kathy in San Francisco. Kathy is a teacher with a monthly income of $4,300—but her house payment is $2,200 a month. With over half of her monthly income going toward paying off her mortgage, she asks Dave, “Should I sell my house?”

Dave’s answer is simple: the house has to go. He recommends that Kathy downsizes and purchases a home she can pay off in retirement. This creates an opportunity for her to get out of debt and start saving money now.

Dave always recommends saving a down payment of at least 10–20% on a 15-year, fixed-rate mortgage and limiting your monthly payment to 25% or less than your monthly income. This allows you to attack your debt snowball, boost your retirement fund, and pay off your mortgage quickly.

RESOURCES

Want to estimate your monthly mortgage payment? Check out our Mortgage Calculator: https://www.daveramsey.com/mortgage-calculator

How much house can you afford? Find out here: https://www.daveramsey.com/blog/how-much-house-can-i-afford

Is your mortgage more than you can afford? Consider downsizing: https://www.daveramsey.com/blog/3-money-smart-reasons-to-downsize

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