# How did you determine a budget for your first home? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [December 22, 2009, 7:57am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484 "2009-12-22T07:57:13Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [December 22, 2009, 7:57am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/1 "2009-12-22T07:57:13Z")
I know there are a bunch of calculators and crap online. I was just curious how people on here came up with a price safe range for their first home. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [December 22, 2009, 7:59am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/2 "2009-12-22T07:59:03Z")
It was what i felt comfortable with monthly. Also, I wanted to make sure that if either me of the woman lost our jobs, one of us could float the mortgage on our own for a few months. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 22, 2009, 8:03am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/3 "2009-12-22T08:03:49Z")
Sat down with the wife and listed every recurring monthly expense we had in excel. Adding some money for entertainment, savings and misc then calculated off our monthly salaries. ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [December 22, 2009, 8:04am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/4 "2009-12-22T08:04:59Z")
Based on the property taxes in the WNY area…you can count on about $100/mo for every $10,000 you finance. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 22, 2009, 8:12am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/5 "2009-12-22T08:12:40Z")
> [@d3x](#): > > Based on the property taxes in the WNY area…you can count on about $100/mo for every $10,000 you finance. Uh… no. That would be 1500 in taxes on a 150000 house… which is WAY low. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 22, 2009, 8:12am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/6 "2009-12-22T08:12:43Z")
there are so many factors and reasons as to what makes sense on a person to person basis, but basically you want something that is not more than 50% of your monthly after tax earnings or you’re asking for trouble. ---
**Author:** ![Mike93](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mike93/32/7325_2.png) [@Mike93](https://forums.speedlife.net/u/Mike93)\ **Post date:** [December 22, 2009, 8:15am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/7 "2009-12-22T08:15:30Z")
> [@d3x](#): > > Based on the property taxes in the WNY area…you can count on about $100/mo for every $10,000 you finance. That’s the baseline I used as well to determine what I wanted to pay monthly…then I looked at houses in that price range and went from there. Also tried to factor in the amount of money that I knew I was going to put into renovations and made sure that I could pay cash for that with the money I knew I would have left over each month after paying other bills. Whatever you do, don’t go based off of what you’re approved for. I think I bought a house that was 1/3 of what I could have financed. ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [December 22, 2009, 8:17am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/8 "2009-12-22T08:17:02Z")
> [@JayS](#): > > Uh… no. That would be 1500 in taxes on a 150000 house… which is WAY low. You misinterpreted what I’m saying… the mortgage + escrow payment in WNY averages $100/mo for every $10,000 you finance. edit: and $1500/mo in taxes for a $150,000 house would actually be WAY high. 😛 ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [December 22, 2009, 8:22am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/9 "2009-12-22T08:22:25Z")
I just went with 2X my annual salary as my max I wanted to spend. Ended up getting one from family for much less but could have made a payment on that comfortably. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 22, 2009, 8:23am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/10 "2009-12-22T08:23:37Z")
> [@d3x](#): > > You misinterpreted what I’m saying… > > the mortgage + escrow monthly payment in WNY averages $100/mo for every $10,000 you finance. Ah. gotcha. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [December 22, 2009, 8:26am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/11 "2009-12-22T08:26:51Z")
> [@d3x](#): > > You misinterpreted what I’m saying… > > the mortgage + escrow monthly payment in WNY averages $100/mo for every $10,000 you finance. > > edit: and $1500/mo in taxes for a $150,000 house would actually be WAY high. 😛 He didn’t say $1500/mo, he said $1500. ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [December 22, 2009, 8:28am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/12 "2009-12-22T08:28:55Z")
> [@walter](#): > > He didn’t say $1500/mo, he said $1500. no…but he quoted me saying per month. 🙂 > [@d3x](#): > > Based on the property taxes in the WNY area…you can count on about **$100/mo** for every $10,000 you finance. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [December 22, 2009, 8:30am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/13 "2009-12-22T08:30:50Z")
IF possible without sacrificing too much try to get something with a 15-year note. You save so much money on interest with a cheaper rate and build equity way faster. ---
**Author:** ![d3x](https://avatars.discourse-cdn.com/v4/letter/d/8491ac/32.png) [@d3x](https://forums.speedlife.net/u/d3x)\ **Post date:** [December 22, 2009, 8:33am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/14 "2009-12-22T08:33:29Z")
> [@Joe](#): > > IF possible without sacrificing too much try to get something with a 15-year note. You save so much money on interest with a cheaper rate and build equity way faster. I have a 30 year mortgage…but with the extra payments I make on the principle it will be payed off in 15 years. Would this be more, less, or just as expensive as starting off with a 15 year mortgage? ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 22, 2009, 8:35am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/15 "2009-12-22T08:35:58Z")
it cost a lot more to pay off a 30 year in 15, vs a 15 in 15. ---
**Author:** ![neonglh](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/neonglh/32/4951_2.png) [@neonglh](https://forums.speedlife.net/u/neonglh)\ **Post date:** [December 22, 2009, 8:41am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/16 "2009-12-22T08:41:32Z")
I got a house just the size I needed, nothing extra. This way, I can till put away 1k+ each month into my savings, and continue to have a fun time :tup: ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [December 22, 2009, 8:42am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/17 "2009-12-22T08:42:04Z")
> [@Joe](#): > > IF possible without sacrificing too much try to get something with a 15-year note. You save so much money on interest with a cheaper rate and build equity way faster. Not really, you need to run the numbers (like everything) for your own scenario. It depends heavily on the rates you are able to get for each. There are lots of scenarios where you come out ahead by making the same 15yr payment on the 30yr mortgage, or where you save/invest the difference between the 15/30. Right now there is about a half percent difference between 15/30 year rates. ---
**Author:** ![almostBrett](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/almostbrett/32/5249_2.png) [@almostBrett](https://forums.speedlife.net/u/almostBrett)\ **Post date:** [December 22, 2009, 8:42am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/18 "2009-12-22T08:42:30Z")
> [@Joe](#): > > I just went with 2X my annual salary as my max I wanted to spend. Ended up getting one from family for much less but could have made a payment on that comfortably. Thats exactly what i was doing when i was looking, then i found one a lot cheeper for a better deal. In turn im glad i went cheaper, because now i can build a shop in the spring no problem etc. plus expenses add up so fast, and theres always variables you don’t see coming ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [December 22, 2009, 8:53am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/19 "2009-12-22T08:53:46Z")
Like the $5k i just spent on a 6’ by 8’ bathroom because my other one was pink and getting mold 🖕 ---
**Author:** ![almostBrett](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/almostbrett/32/5249_2.png) [@almostBrett](https://forums.speedlife.net/u/almostBrett)\ **Post date:** [December 22, 2009, 8:57am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/20 "2009-12-22T08:57:09Z")
> [@Joe](#): > > Like the $5k i just spent on a 6’ by 8’ bathroom because my other one was pink and getting mold 🖕 was that a diy or what? im planning on updating a bunch on my place this summer… nothings wrecked or old, just ugly… plans- new carpet, new tile, and a bedroom addition… if all goes to plan [Next page](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484.md?page=2)