Home Buying in Omaha>Question Details

alez, Other/Just Looking in Omaha, NE

This may be a silly question, but how much income should be left every month after house payments and bills?

Asked by alez, Omaha, NE Thu Dec 6, 2012

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Well right now I pay $1350 in rent and have about $2000 left every month after gas, food, and ALL my bills.
0 votes Thank Flag Link Thu Dec 6, 2012
Your house payment should b e 28-30% of your gross income. All long term debt, credit cards, student loans house cars should be 40%. The remaining 60% should be utilities, food entertainment savings. Hope this helps
0 votes Thank Flag Link Thu Dec 6, 2012
It depends.......
Analyze you monthly spending, gas, entertainment, vacations, money set aside etc. Some people spend more, some less for your life style. One you had a handle on that amount, you can decide the amount of monthly payment that's a fit for you for your first home.
A lender can provide that number for you based on a purchase price of a home, your credit score and % down.

Yes, they can give you a percentage but this is not a one size fits all when it comes to our spending habits.
0 votes Thank Flag Link Thu Dec 6, 2012
It really depends on the loan program you choose. Different loan programs require different amounts of funds to be unused after you pay your bills. It is all based on your debt (monthly bills including your house payment) to income ratio.
0 votes Thank Flag Link Thu Dec 6, 2012
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