My partner and I earn about $125k–130k combined. We’re considering a roughly $250k home in Alabama. What mortgage payment is usual for an income level like ours?
Considering your income range and the property value, my experience suggests that a monthly mortgage payment in the vicinity of 25-30% of your take-home pay is common. With your combined income and a home priced around $250k, you might expect payments anywhere from $1,500 to about $2,000, depending on variables such as down payment and interest rates. It’s prudent to involve a financial advisor early on to account for other expenses and maintain overall affordability. Always ensure your monthly obligations allow for some flexibility in your budget.