burger1979
Registered User
- Messages
- 142
Age: 28
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: €44,505.00
Annual gross income of spouse: €40,000.00
Type of employment: e.g. Civil Servant, self-employed: I am a quantity surveyor/partner is a structural engineer.
In general are you spending more than you earn or are you saving? Saving
Thinking of buying a €500k home with a €460k mortgage
Rough estimate of value of home €500,000.00
Amount outstanding on your mortgage: €460,000.00
What interest rate are you paying? 5.6%
Other borrowings – car loans/personal loans etc: No.
Do you pay off your full credit card balance each month? Yes.
If not, what is the balance on your credit card?
Savings and investments: CU €3000.00 Me, CU €20,000.00 Her, Joint Savings account €15,000.00
Do you have a pension scheme? No.
Do you own any investment or other property? No.
Ages of children: None.
Life insurance: None.
What specific question do you have or what issues are of concern to you?
I am looking to buy ahouse with my finace and we have seen a house over the weekend that we are going to make an offer on. the asking price of the house is €500K. I want to know what people would make/think of our finances if we were to get a mortgage of €460K at a rate of 5.6%. This, according to Karl's calc, give us a repayment per month of €2500.99 (loan startedin June 2008 and runs for 35yrs). I dont know if the calc takes into account TRS. If not i work out that our repayments would drop to €2166.67 after TRS is deducted (i could be wrong on this, i got the info off revenue.ie). Our net income per month at the moment is €5625.00. If we were to pay the full €2500.00 p/m month on the mortgage that would mean we are paying 44% into our mortgage which i think is a bit high, however at €2166.67 p/m that is 38.5% of the net income which is not too bad and really manageable.
So my questions would be:
1. does Karls mortgage calc take into account TRS?
2. if were to pay €2500.99 p/m do people think we would be stretching ourselves too much?
3. when i entered our incomes in to Karl Grabes tax calc for married people our net income per month didnt go up i thought it would increase when we get married?
I appreciate that this info/situation is hypothetical and might not happen but i would really appreciate any suggestions people might have.
thanks in advance for the replies.
burger1979.
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: €44,505.00
Annual gross income of spouse: €40,000.00
Type of employment: e.g. Civil Servant, self-employed: I am a quantity surveyor/partner is a structural engineer.
In general are you spending more than you earn or are you saving? Saving
Thinking of buying a €500k home with a €460k mortgage
Rough estimate of value of home €500,000.00
Amount outstanding on your mortgage: €460,000.00
What interest rate are you paying? 5.6%
Other borrowings – car loans/personal loans etc: No.
Do you pay off your full credit card balance each month? Yes.
If not, what is the balance on your credit card?
Savings and investments: CU €3000.00 Me, CU €20,000.00 Her, Joint Savings account €15,000.00
Do you have a pension scheme? No.
Do you own any investment or other property? No.
Ages of children: None.
Life insurance: None.
What specific question do you have or what issues are of concern to you?
I am looking to buy ahouse with my finace and we have seen a house over the weekend that we are going to make an offer on. the asking price of the house is €500K. I want to know what people would make/think of our finances if we were to get a mortgage of €460K at a rate of 5.6%. This, according to Karl's calc, give us a repayment per month of €2500.99 (loan startedin June 2008 and runs for 35yrs). I dont know if the calc takes into account TRS. If not i work out that our repayments would drop to €2166.67 after TRS is deducted (i could be wrong on this, i got the info off revenue.ie). Our net income per month at the moment is €5625.00. If we were to pay the full €2500.00 p/m month on the mortgage that would mean we are paying 44% into our mortgage which i think is a bit high, however at €2166.67 p/m that is 38.5% of the net income which is not too bad and really manageable.
So my questions would be:
1. does Karls mortgage calc take into account TRS?
2. if were to pay €2500.99 p/m do people think we would be stretching ourselves too much?
3. when i entered our incomes in to Karl Grabes tax calc for married people our net income per month didnt go up i thought it would increase when we get married?
I appreciate that this info/situation is hypothetical and might not happen but i would really appreciate any suggestions people might have.
thanks in advance for the replies.
burger1979.