Would you buy a 1.3 million house in bellevue downtown with 200k base income, 10% down and 6300 monthly mortgage payments
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- Oath / Mgmt Atinlay1
- Let us know what bank approves that mortgage so we can avoid it like the plague
- To be fair, it’s not like OP’s income puts them wildly outside of affordability. It’s on the edge of being too much debt. Back in the day (pre crisis), you could say you had any income, and it wasn’t checked. That was the real problem.
People making 200k a year with million dollar mortgages were not the cause of the 2008 financial crisis.
- Honestly don't see how, the mortgage is 38% of his/her before tax pay or even less if he/she saves up for 20% down (banks don't raise an eye brow if it's around 33%). Assuming no other debts and no dependents, it's not a bad investment in a prime area with good schools. Far better than throwing that money away in rent. Just be sure to have some security money saved up.
- Amazon / Mgmt Db8db4Max should be 4 times your annual income (with current interest rates).
- Dave Ramsey is stupid. He is financially TOO conservative. He doesn’t know how to actually play the game, he rather not play it. I can go and tell everyone to cook at home, get a $400 dollar shared apartment, sell their newish car and get a 10yo one and to save until they can pay for their home with cash or have at least 20% downpayment and a 6month safety net. He is no guru, he just knows how to put on a show and spit out common sense plus a bit of extra conservative stuff.Mar 26 4
- Money is getting to your head.
If you really want a house this expensive, save up and put 50% down. At 10% down, those monthly payments will eat you alive.
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- New ™️©️200k should get you closer to perhaps a 700k house if you don’t want to retire when you’re 82.
- If you’ve never bought a house before, run. Because in a year after you bought your first, you’ll know what you need and like. It’s impossible to know prior
- TuneIn ifyoumakakIs $6300 a month including taxes? Or taxes would be another 15K a year? What area is this btw?