HTC: $1m. Is $3.5m house affordable? With 8% interest rate, mortgage will be $23kish, once we refinance to a lower interest rate, it will be close to $18k. Edit: It’s a new construction, and have offers of 5.5% fixed interest rate in quick move-ins.
Absolutely not
My case: went for a 2.1m home with HTC of 350k. Monthly payment of 11k with 6% rate. Just switched jobs and our HTC changed to 650k. I was focused on moving up. So went for a bigger home and made the switch.
You do you bro!
Please don't do it. Your after tax income is like $600k and you plan to give half of it for mortgage? No way. How sustainable is that HTC? What if one of you gets laid off? Here is a perspective for ya. I just got laid off from LinkedIn - a place once seen as a retirement house. Macro is still too bad.
Sorry to hear about the lay off. Wishing you the best 🙏🏼
“once we refinance” lol. lmao even. don’t plan your financial future on maybes
What’s HTC, asking for a friend?
Is the 5.5% a buydown they are offering to cover? If so what is the term?
30 years
This guy thinking that he can count on refinancing and he makes that TC. SMH
Depends on NW. if you have a few million, u can probably withstand a set back. If you have a few hundred thousand, it’s much more risky
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don't count on the refinance part