My wife and I are planning on buying a new home in the Seattle area. We are looking at about a $800k mortgage and putting $210k down which would bring the monthly payment to $3,500-3,600/month. We have no debt outside of our $600 car payment, save a ton of money, travel, and invest. Our current rent is $2,900. My TC is $250k/year (145k base) and my wife stays at home with our two kids. I feel comfortable looking at the $800k range. Does this seem crazy given my comp and the monthly payment or about normal for the Seattle area?
How much of your tc is variable? Rule of thumb is live off your salary, love off your bonus
Haha I like that. 100k/year in sign on bonus and then rsu.
Suzie orman Says DENIED.
How much will you have liquid after the down payment? Will your total net worth go negative if the housing price tumbles 20%? Are you planning to stay in Seattle for at least 10 years?
Sounds reasonable. I'd try and get rid of that car payment tho
Truth. That’s a crazy car payment.
So long as you intend to stay there through the next recession you should be OK. Sounds like you’ve got the rest under wraps. Good work.
Did you count property tax in your monthly payment? 3500 does not look right if you borrow 800K with 30-year fixed
For 140k base, you might be getting around 7.5k net per month. Paying 3500 in 7.5k for home is not my comfort zone. As someone said, Stocks Are lovable but not livable.
Nearly 45% of your take home...not worth it.
You will be literally house poor.
Sounds like you’ve got it figured out 👍