HH TC 400 Putting 20% down (240k) Interest rate 6.87% ~ PITI 7.5k Monthly expenses 4k (including food, day care, car insurance etc.) Saving after down-payment ~ 150k in stocks 401k ~ 250k Do you all think it's too risky? #mortgage #housing #seattle
How much do you get after deduction?
Household base ~ 15k and yearly stocks ~ 100k ish after tax if meta stock goes down to 400
I have a higher household income and I’m looking at 700k or less
Its totally fine, go for it. You have enough in reserve to go for 5 years not working, so it's safe to buy
Good luck. As soon as one of you are unemployed, will need lots of rainy day fund to cover.
Yoe ?
Snohomish is not recommended for that price. If you’re open to 1.2M you can get some decent homes in Edmonds or Lynnwood. Essentially you need to look at highway connectivity, commute to Seattle, and Bellevue, and proximity to everything to raise a family. Given you’re ok with Snohomish schools, you’ll be fine with Lynnwood as well. DM me
You’ll be house poor.
That's my concern as well. I was thinking of setting aside 60k cash fund to take out 2k each month and pay towards PITI to bring down payment to ~5.5k. That should last about 2.5 years, and hopefully, rates will come down by that time.
You should look up some financial planners in your area (fiduciaries) and spend a few hours going over your family’s finances, goals, etc. Guarantee you’ll get better advice there than on Blind. A few hundred $ fee is probably worth it in the long run.