How much is the monthly payment for buying a house as a percentage of my monthly income?

Now that the rate of housing prices is much higher than the speed of wages, buying a house with a mortgage has become the only way for most people. Before and after marriage, the parents are generally responsible for the down payment, and after the marriage, the two people share the mortgage. Therefore, in the choice of a house, the first thing to consider is the financial ability, and the comprehensive income determines the ability to repay.

For me, it's more acceptable for a mortgage to take up less than a third of my total income.

With our current situation, before we got married, our parents bought a house for us, and we don't need to repay the loan, and my husband and I will have a comprehensive monthly income of about 10,000 yuan, but in the case of not paying off the mortgage, the monthly expenditure is about 6,000, so if you want to maintain the current living situation, the loan of about 3,000 is acceptable. And a loan of three or four thousand means that there will be basically no savings, and the pressure of having children and raising children is still quite great. We are in a small county in the 18th tier, and our income, housing prices, and consumption are relatively low.

But fortunately, there is a provident fund, two people have one or two thousand provident fund can offset part of the loan, and now the trend of housing prices is still very high, so we plan to use the current savings on hand to make a down payment on a house, with a provident fund loan, which is also counted as some investment, with a house is more secure, and in the future, having children can also be counted as a family property for children.

Maybe when it comes time to pay off the mortgage, you will be more frugal in your usual expenses. My friends around me also take on a lot of loans as soon as they get married, basically the income of the two of them is the same as ours, the loan is about more than 2,000, and the pressure after raising children is still quite high. And there is a girlfriend who lives in Beijing, and the two of them earn about 20,000 or 30,000 yuan a month, but the consumption is high, and the house loan and rental costs are about 10,000 yuan per month, and the pressure is not small.

So on the whole, loans account for one-third of income, which is stressful but acceptable.

I think the monthly payment for buying a house should not account for too much of your monthly income, because if you use most of the funds of your income to pay the monthly payment, then it will be difficult for you to use the money to do other things, because you not only need monthly payments in life, but also do other things, in addition to paying monthly payments, but also to eat, buy vegetables, firewood, rice, oil and salt, and support your family, if you have children, you also have to raise children, as well as the usual water and electricity bills, these are a lot of expenses, so when your monthly income is not very highI can advise you not to buy a house so quickly.

When you have the ability and pay the down payment yourself, then I think you should try to control the monthly payment for buying a house between one-fifth and two-fifths of your monthly income, and I think you will have more funds to do other things. For example, if you go on a trip and buy some beautiful clothes for your children, these will cost money, and you don't have to use all the money to pay the monthly payment, so I think your life will become more difficult because you buy a house, and your life may become embarrassed.

There are many examples around me of people who don't have a lot of monthly income, but they insist on buying a house of their own in the city, so after they have scraped together enough for the down payment, they have to take out almost a large part of the money every month to pay the monthly payment, and they have no money left for themselves after paying the monthly payment. Therefore, if you buy a house and pay a down payment, you must control the proportion of your monthly payment to your monthly income, and the most important thing is to ensure your normal life.

I remember when I was doing a mortgage, the bank needed some supporting documents, the first thing I needed was the income certificate and the bank statement, for the income certificate, basically the company's official seal, because I was working in a private company, I asked the intermediary, how much income on my income certificate is appropriate, and then he said 5000 after tax, my husband's income certificate is also this number, and then our monthly payment accounts for about one-third of the total, And then every month is about 3000 words now I don't feel too hard, there are many friends will ask me how much is the monthly payment for a month, when I say the monthly payment number, they directly say that you don't have any pressure at all, in fact, it is really stressful, because in addition to the monthly payment, the monthly rent, water and electricity living expenses add up to a little more than 500, mobile phone bills and similar human contacts to calculate there is also a four or five hundred, so that almost one person's salary is all spent, There is also a child at home, the child's milk powder, diapers, clothes, shoes, socks, and other miscellaneous things need an average of about 50 yuan a day, and almost 1500 yuan a month. And you have to pay back the monthly payment every month, and you can't have much money left over every month!

I remember someone once told me that the monthly payment should not exceed half of the total family income, and if it exceeds half of the total income, it will be very serious, and the family will feel more pressure in life! Therefore, it is best not to exceed half of my income in the monthly payment, but for my current situation, I am now trying to find a way to increase my income and strive to reduce the monthly payment to less than a quarter of my total income, which is one of the goals I have been working on! But the monthly payment of more than half of the total income is definitely a warning line, if the monthly payment is this number, if it were me, I would rather not buy a house!

According to my own and my relatives and friends' home purchases, it is reasonable for the monthly payment to account for no more than 50% of my income if I consider it from the perspective of bank loans. However, in terms of your own ability to repay the loan, it is best not to make more than 30% of your income in monthly payments.

Generally speaking, in order to prevent risks, banks will require the borrower's monthly mortgage to not exceed 50% of income. Therefore, everyone generally has to show it when buying a houseBank statements and proof of salary, do the attack and this 50 is the maximum warning line for borrowers.

When I first bought the house, the monthly income is about 2000, the monthly provident fund is about 200, and the account is more than 400 every month. I am a full CPF loan and the repayment method is equal principal and interest repayment. The loan is 380,000 yuan, and the monthly payment is about 1,200.

At that time, the monthly payment accounted for nearly 50% of the income. Later, because of job changes and position changes, 5 years have passed, and now the monthly income is 3000+, and the monthly payment is still 1200, accounting for nearly 30%.

Monthly payment information. In my case, the proportion of principal in the monthly repayment amount increases month by month, and the proportion of interest decreases month by month.

The monthly payment remains the same. Because it bears the same amount every month, it is convenient to arrange income and expenditure, and the bank is repaid a fixed amount of repayment every month, and the proportion of interest decreases month by month. The only downside is that this method requires more overall interest expense to be repaid.

But there is no way, because I work within the system, and only in this way can I relieve the financial and living pressure of myself and my family.

In 2019, my sister and brother-in-law bought a pure brother's existing house in the second phase of my Qingna community, which was the year when house prices were at their highest. So, they don't have a CPF loan because they need to borrow $700,000 after the capital. I remember that I went to help get back their loan contract, and the contract said that the loan was 700,000 yuan, and the repayment method was equal principal repayment.

The monthly payment in the first three years was about 6500+ to 4500+, I don't remember the specifics, anyway, it decreases every year, and there is a small decrease every month. Both of them work in other provinces, and my brother-in-law is the main lender with a monthly income of between 10,000-12,000. Therefore, their monthly payment accounts for about 50% of their income.

Their repayment method for this way is:The monthly burden will be higher when the borrower starts to repay the loan. However, as the repayment time goes by, the repayment burden will gradually decreaseFinally, the overall repayment interest expense is lower, which is an advantage.

The disadvantage is that the burden of repayment in the early stage is heavier, especially in the first installment, which will be very stressful.

Finally, to sum up,It is more reasonable for the monthly payment to account for no more than 50%, and 30% for the monthly payment is more appropriate. I think if you are quick to get money, it is recommended to take the second method of equal principal repayment; In the case of institutional personnel receiving public rations, the first method of equal principal and interest is adopted.

Summary. Hello dear, the loan term is less than 20 years, according to the average benchmark interest rate, then, the monthly payment is generally more than 20,000 yuan. Monthly repayment amount = 300,000 (30 12) = 2,250 yuan.

The monthly payment of the house depends on the total amount of the loan, the installment period, the interest rate of the loan, and the repayment method. Assuming a loan of 300,000 yuan, 20 years installment, and the annual interest rate of the loan, if you choose the equal principal and interest repayment method, the monthly payment will be, the total interest of the loan will be 10,000 yuan, and the total repayment amount will be 10,000 yuan. If you choose the equal principal repayment method, the monthly payment in the first month will be decreasing month by month, the total interest will be 10,000 yuan, and the total repayment amount will be 10,000 yuan.

What is the monthly payment for buying a house?

Can you elaborate on that a little bit more?

Hello dear, the loan term is less than 20 years, according to the average benchmark interest rate, then, the monthly payment is generally more than 20,000 yuan. Monthly repayment amount = 300,000 (30 12) = 2,250 yuan. The monthly payment of the house depends on the total amount of the loan, the installment period, the interest rate of the loan, and the repayment method.

Assuming a loan of 300,000 yuan, 20 years installment, and the annual interest rate of the loan, if you choose the equal principal and interest repayment method, the monthly payment will be, the total interest of the loan will be 10,000 yuan, and the total repayment amount will be 10,000 yuan. If you choose the equal principal repayment method, the monthly payment in the first month will be decreasing month by month, the total interest will be 10,000 yuan, and the total repayment amount will be 10,000 yuan.

1. In the case of stable employment, if you are a buyer aged 25-30 years old, the monthly payment can account for 40%-45% of the family income. Because they are young people in this age group, and their careers are also on the rise, most of them are unmarried or married and have not given birth to children, so the family burden during this period of time is relatively small, and with the development of their careers, their personal development space is also relatively large, so the proportion of monthly payment to income can be appropriately increased.

2. If you are a buyer over the age of 35, it is recommended that you try to control the monthly payment to less than 30% of your family income. Because most of the buyers in this age group already have families and children, the daily expenses will naturally be larger, and the work during this period of time is also more stable, so the proportion of monthly payment to the monthly family income can be appropriately reduced.

What factors do I need to pay attention to when buying a house with a loan?

1. Understand the housing purchase and credit policies of the city.

Before taking out a loan to buy a house, you should first understand the housing purchase policy and credit policy of the city where you are located, such as the purchase capital and down payment ratio. These are all things that need to be well known to home buyers.

2. Do a good job of financial planning before buying a house.

After understanding the various policies and housing prices, the next step is to make a detailed financial plan according to their own financial situation. For example, the proportion of monthly mortgage income is reasonable for your own income, and if the house still needs to be renovated, you need to set aside the cost of decoration.

3. Choose a repayment method that suits you.

After deciding on the loan to buy a house, the buyer should also choose the repayment method that suits him or her in advance. Nowadays, there are generally two repayment methods for taking out a loan to buy a house: equal principal and interest repayment and equal principal repayment. Jujube as a mausoleum.

The amount of equal principal and interest is fixed every month, so it is more suitable for families with normal expenditure plans, especially young people, because of the restrictions of economic conditions, it is generally not allowed to invest too much in the early stage, so it is best to choose this way.

The equal principal amount is more suitable for borrowers who have a strong ability to repay the loan some time ago, such as those who have worked for a long time. Equal principal savings can save more interest than equal principal and interest. However, buyers still need to choose according to their own needs.