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Oh sas, didn't mean to make you mean. Was just asking, I find it very humours when someone (anywhere on line) asks for others to disclose personal information, and then say thank you but I'm not going to tell you my personal information.
As far as your current payment ration, very important to the topic, means that you already know what you should be able to afford. Can currently handle your payments? Is there money left over and going into savings? Not racking up debt for everday living? Getting a raise? Losing a job? yada yada yado.
For the monthly payment to the lender, including Principal, Interest, and Escrow (Property Taxes) my wife and I currently pay about 8% of our gross pretax annual income. Total housing cost including utilities, maintenance, insurance, etc., is about 15% of our gross pretax annual income.
Both ratios are smaller than average because we prefer to keep the basics, which cannot be changed on short notice, low. For the same reason I am still driving a 2000 Camry which I might replace in 2010.
We spend a LOT on eating out, entertainment, books, music, etc., all of which we enjoy more than we would enjoy a bigger residence or fancier car, and all of which we could instantly cut back if need be.
Particularly at times of economic uncertainty I think it wise to avoid overspending on the house or the car, because those are difficult to cut quickly should need arise.
@MattH wrote:We spend a LOT on eating out, entertainment, books, music, etc., all of which we enjoy more than we would enjoy a bigger residence or fancier car, and all of which we could instantly cut back if need be.
Having done almost everything wrong in terms of credit cards, I swore I would never be house poor so I bought the smallest home in the nicest sub-division I could afford. LOL my normal house payment is less then what my DMP payment was.