HH TC 470k - me 430ktc, wife 40k. No kids yet but planning 2. Wife might not work for a year after we have a kid. NW 800k. Have about 200k in HYSA ,250k in rsu, 100k in retirement, another paid off property worth 250k where my parents live (don’t get rent but they pay maintenance, taxes). No big monthly expenses, car is paid off. Interest rate right now is 7percent. MCOL area. #mortgage #housing
At $500k household TC you can easily handle a 700k loan
It depends on your expenses. Similar numbers to you, we are comfortable with 1.1-1.2
$40k TC? Tell her to quit. Waste of time.
Take whatever you think you can manage, and go lower than that.
I’d personally buy max $900k maybe $1M if u really want it but i’m also relatively risk averse lol
Same but to go below 1M I’ll have to either buy a 3 bedroom or buy a house in a bad school district. Prefer 4 bedroom about 2500 sq ft.
Mortgage (principal + interest) + property tax + insurance should be < 28% of gross annual income. In HCOL/VHCOL places, this can be higher up to 40%. Buy as small (in terms of $) you need (needs projected 5+ years) not as big a house as you can afford
Increase those retirement accounts
Easy 1-1.2M assuming 20% down
You would need 1+ yearof projected living expenses in savings or similar, given you technically are single income today, even if your wife works today