Update: Based on overwhelming feedback, we backed out from the p&s based on one of the contingency. The house is back on market. TC = 210k Spouse TC = 190k Can I afford 2.2 MM house? Just got one after losing a few in bidding wars. Added more info based on questions. 1. I am already pre approved so I can get the mortgage. 2. I am putting 20% down. 3. I know it will be bit tight but as my teenager says YOLO. And here is my rough math. 34k gross monthly income. 13k for house, 4k for 401k. 13k for taxes. 4k for other expenses. No other savings until our pay increases. 401k combined balance 1.05M. Taxable accounts 1.4MM. equity in current home = 450K. 529 accounts = 120k
Lol not more than 28% of salary
Talk to a mortgage agent!
paanos from sql server? 🤣
1.5M mortgage == ~10k monthly payment.
You mean ~7k all in (taxes and insurance)
Google got it right, about $10k
Definitely wouldn’t be comfortable with that I have similar household tc and will look in 1.5mil range
Where do u live currently?
You already landed the house and now you want to know if you can afford it? You got it backwards.
Lul, do you not make life changing purchasing decisions and then weigh the consequences later? Gosh, it’s 2019 for Pete’s sake!
I'm just old school. Probably the result of growing up during the Great Depression.
Seems very high given your household TC - I wouldn’t look for more than 1.5M
What are you putting as a down payment and are you looking at a 15 or 30 year mortgage?