Quote Originally Posted by scratchy View Post
We also live in a modest home. It's really nice and I'm refinishing it but the mortgage is 12% of our monthly net. We're looking at moving TO NC.
I'd say you're doing pretty well. Just looking at a bunch of approximate numbers….

IF:

House Cost: $300,000
Down Pmt: 20% = $60,000
Financing $240,000
Monthly Principle, Interest, Taxes & Insurance: ~$1300
Gross Pay: $84,000/yr = $7000/mo
Federal, State & FICA: 25%
Monthly Take Home: $5,250

Payment is 25% of the Take Home Pay

Back in the old days when I worked for the mortgage department at First National before going to law school, I think the accepted ratios were 28/36. Your mortgage PITI payment could be 28% of your GROSS pay and all your payments added together (including the mortgage, car, credit cards, student loans, etc.) could be 36% of your GROSS pay.

Personally, I wouldn't be comfortable spending that much on a mortgage, but I know a lotta people do just fine with it.