The problem with this question is that there is no right answer. The amount you choose is not based on what you can actually afford; it is based on what you are comfortable with. If it was really about how much you could afford, you would sell your car and walk everywhere, you would buy the cheapest toilet roll and eat 12cents tins of beans every day.
The question is all about how much you are willing to part with, how quickly you want to pay your mortgage off, and how deeply you are willing to cut back in order to pay off your mortgage more quickly. This article is populated with a series of different and unrelated suggestions and ideas you can try.
H4 Calculation Notes
I am not trying to mislead you with my calculations, so let me make it clear that my examples are very simple and rough examples. There are more variables in real life. My examples simply show how each idea or suggestion works. In addition, you will have to substitute in your income and outgoings into my calculations to make them directly relevant to you.
Also, when speaking of outgoings, I do not mention property tax and home insurance payments. For example, such things may matter when comparing paying a mortgage to paying rent.
H5 Idea / Suggestion One
H3 Double Team It For A Super Fast Repayment
If you are living with a partner/spouse and your partner works, then live on the highest wage and put the whole of the other person’s wage onto your mortgage. It is tough trying to fund a life on just one wage, but it is possible, even if you will have to cut back rather heavily.
If one of you is currently supporting the family and the other doesn’t work, then have the other person get a...
... middle of paper ...
...uld have your house paid off by retirement
Low cost houses may mean low value houses that are difficult to resell
Conclusion - How Much Are You Willing To Suffer?
The fact is that people in the US are hyper consumers. Even people within poverty brackets are living the life of kings and queens compared to the conditions people live in when they are in the poverty bracket of other countries. You can scale back your spending, scale it back again, and maybe even a third time. It all depends on how much pride you have.
Could you be seen wearing goodwill clothes every day for the next ten years? Are you willing to take the bus or walk everywhere? Are you willing to work extra hours while everybody else is going out?
What percentage of your income you pay shouldn’t matter if you have a plan to pay off your mortgage and you are willing to scale back while earning more.
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