# 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:** 15\ **Page:** 3
**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 23, 2009, 5:19am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/41 "2009-12-23T05:19:38Z")
> [@LAFENGAS](#): > > I’m hoping to buy whatever house i can pay off in 2 years with a big down payment. I am 100% against taking 10yr+ to pay anything off. It will never make sense to me to pay $500K for a $200K Home. That’s great if you have the means to do it but for the majority that would remove the opportunity to ever own a home. ---
**Author:** ![LAFENGAS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/lafengas/32/7573_2.png) [@LAFENGAS](https://forums.speedlife.net/u/LAFENGAS)\ **Post date:** [December 23, 2009, 5:38am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/42 "2009-12-23T05:38:03Z")
^ very true. People need to learn how to let their money work for them, not just buy stuff with it because it’s burning a hole in their pocket. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [December 23, 2009, 5:47am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/43 "2009-12-23T05:47:44Z")
> [@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. If only it were that simple. ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [December 23, 2009, 5:56am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/44 "2009-12-23T05:56:17Z")
> [@LAFENGAS](#): > > I’m hoping to buy whatever house i can pay off in 2 years with a big down payment. I am 100% against taking 10yr+ to pay anything off. It will never make sense to me to pay $500K for a $200K Home. It does make sense when you can make more on your money than what the mortgage rate is, plus the value of your house goes up. Buy a $100k house, take 30 years and $200k to pay for it and at the end of 30 years the house will be worth more than $200k, plus you’ve made your money back 5 times on the $100k you didn’t put down on that house. Granted that takes a lot of work/investing, but still not a bad option. Also I bet the percentage of people that actually pay 30 years on the same mortage is slim. X… ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [December 23, 2009, 6:12am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/45 "2009-12-23T06:12:15Z")
Well for us we took in account a few things. First is we knew we wanted to put 20% down, so I worked a part-time job for 1 1/2 years to save up. Then we also knew that my wife would want the option to stay home with babies or atleast work part-time. So we got approved for mortgage on my income only. It has worked out to be about 1/3 of my monthly income which is fine, Because we have no other debt besides my wife’s student loans which is only 128/mo. Very easy to handle. It has worked great for me, I put 15% into 401k and another 200/mo into a Roth IRA and we still have money left over every month :tup: But it still seems to get spent with having a 1 year old and another on the way :wiggle: ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [December 23, 2009, 6:30am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/46 "2009-12-23T06:30:12Z")
> [@LAFENGAS](#): > > I’m hoping to buy whatever house i can pay off in 2 years with a big down payment. I am 100% against taking 10yr+ to pay anything off. It will never make sense to me to pay $500K for a $200K Home. That sounds very nice but why not put 20% down and take out a mortgage at 4% invest the rest of your money and make 8% on it? ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [December 23, 2009, 7:00am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/47 "2009-12-23T07:00:57Z")
Just make sure you leave yourself plenty of slush. My wife had a list of “demands” for the house we built and I told her with those “demands” it would take all of my pay for the mortgage. She was OK with that at the time but now she is not happy because she wants all sorts of other things that cost money. Imagine that. Being newly married I thought I could make her happy. Lesson learned. So yeah, don’t stretch yourself too thin or your wife will never be happy. ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [December 23, 2009, 7:14am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/48 "2009-12-23T07:14:12Z")
> [@Blue Eyed Devil](#): > > Just make sure you leave yourself plenty of slush. My wife had a list of “demands” for the house we built and I told her with those “demands” it would take all of my pay for the mortgage. She was OK with that at the time but now she is not happy because she wants all sorts of other things that cost money. Imagine that. Being newly married I thought I could make her happy. Lesson learned. > So yeah, don’t stretch yourself too thin or your wife will never be happy. LoL ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [December 23, 2009, 7:25am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/49 "2009-12-23T07:25:56Z")
I don’t think my wife will ever be 100% happy because she married my fat ass :lol: 120lbs 5’1 blone with a 6’1 230lbs fatty :tup: ---
**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 23, 2009, 7:51am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/50 "2009-12-23T07:51:17Z")
> [@Blue Eyed Devil](#): > > Just make sure you leave yourself plenty of slush. My wife had a list of “demands” for the house we built and I told her with those “demands” it would take all of my pay for the mortgage. She was OK with that at the time but now she is not happy because she wants all sorts of other things that cost money. Imagine that. Being newly married I thought I could make her happy. Lesson learned. > So yeah, don’t stretch yourself too thin or your wife will never be happy. Don’t get married. Lesson learned. If she was your girlfriend you could tell her where to stick her demands. ---
**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 23, 2009, 7:51am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/51 "2009-12-23T07:51:19Z")
> [@LAFENGAS](#): > > I’m hoping to buy whatever house i can pay off in 2 years with a big down payment. I am 100% against taking 10yr+ to pay anything off. It will never make sense to me to pay $500K for a $200K Home. Interesting coming from you. Typically mortgage money is some of the cheapest money you can find. Not sure why you wouldn’t like that? ---
**Author:** ![Jim1234664](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jim1234664/32/7438_2.png) [@Jim1234664](https://forums.speedlife.net/u/Jim1234664)\ **Post date:** [December 23, 2009, 8:37am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/52 "2009-12-23T08:37:09Z")
> [@slow84ta](#): > > I don’t think my wife will ever be 100% happy because she married my fat ass :lol: > **120lbs 5’1** blone with a 6’1 230lbs fatty :tup: maybe not, sounds a little hefty for 5’1" ---
**Author:** ![slow84ta](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slow84ta/32/7265_2.png) [@slow84ta](https://forums.speedlife.net/u/slow84ta)\ **Post date:** [December 23, 2009, 8:43am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/53 "2009-12-23T08:43:41Z")
> [@Jim1234664](#): > > maybe not, sounds a little hefty for 5’1" :bowrofl: she no shinny model, but def not a fatty… 5’1 99-128lbs, So on the high end of average :gotme: > **[Your Ideal Weight and Body Mass Index](https://www.brianmac.co.uk/idealw.htm)** > > Your ideal weight - a guide to a healthy weight range for each height and gender and how to calculate your Body Mass Index Ok enough hi-jacking, back on topic :tup: ---
**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 23, 2009, 9:10am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/54 "2009-12-23T09:10:50Z")
> [@walter](#): > > Interesting coming from you. Typically mortgage money is some of the cheapest money you can find. Not sure why you wouldn’t like that? not only is it cheap, you can write the interest off. wealthy people normally love mortgages because they need/want to hide as much of their income from the tax man. ---
**Author:** ![jimmyfloyd](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jimmyfloyd/32/3077_2.png) [@jimmyfloyd](https://forums.speedlife.net/u/jimmyfloyd)\ **Post date:** [December 23, 2009, 9:44am UTC](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484/55 "2009-12-23T09:44:19Z")
2/3rds of what I was approved for for a mortgage. That’s where I looked. [Previous page](https://forums.speedlife.net/t/how-did-you-determine-a-budget-for-your-first-home/77484.md?page=2)