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Old 04-29-2015, 09:42 AM   #3476
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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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Old 04-29-2015, 12:16 PM   #3477
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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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Old 04-29-2015, 03:24 PM   #3478
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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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Old 04-29-2015, 04:05 PM   #3479
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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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Old 04-29-2015, 04:27 PM   #3480
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DINKs, our mortgage is ~25% of our income.
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Old 04-29-2015, 04:51 PM   #3481
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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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Old 04-29-2015, 07:46 PM   #3482
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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.
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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Old 04-29-2015, 08:47 PM   #3483
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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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Old 04-29-2015, 08:49 PM   #3484
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We are renting in downtown right now and it's 20% of our monthly income.
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Old 04-29-2015, 08:54 PM   #3485
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My mortage is <25% of my net income.
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Old 04-29-2015, 09:14 PM   #3486
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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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Old 04-30-2015, 09:05 AM   #3487
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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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Old 04-30-2015, 09:07 AM   #3488
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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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Old 04-30-2015, 09:13 AM   #3489
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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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Old 04-30-2015, 09:39 AM   #3490
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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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Old 04-30-2015, 10:10 AM   #3491
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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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Old 04-30-2015, 10:23 AM   #3492
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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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Old 04-30-2015, 10:25 AM   #3493
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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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Old 04-30-2015, 10:26 AM   #3494
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Living in vancouver. About 57% after tax for our family
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Old 04-30-2015, 10:40 AM   #3495
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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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Old 04-30-2015, 12:01 PM   #3496
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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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Old 04-30-2015, 12:07 PM   #3497
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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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Old 04-30-2015, 12:17 PM   #3498
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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.
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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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Old 04-30-2015, 12:24 PM   #3499
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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....
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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Old 04-30-2015, 08:28 PM   #3500
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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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