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Planning to upgrade from a townhome in San Jose and move to Pleasanton for better schools. We are familiar of 3 with a 2 year old. Liquid NW - 1 million 401 k - 400k Combined base salaries- 550k Planning to keep the townhome but may sell it eventually. Townhome has the appreciated much in value. Is buying a 2 million SFH worth it in this market? Can we afford? #mortgage #housing #sanfrancisco
YOE?
$550k base??? If you sell the townhome you should be easily able to buy the house
That base is combined for 2 people
Yes
You can easily afford $3m in los gatos, no need to move out to east bay
Don’t fall for the school thingy. Better look at San Ramon. Thank me later
Can you please elaborate "not fall for the school thingy"?
Aren’t schools in Dublin good?
What is the PITIH of the existing townhouse?
4.5k
I would not use more than 30% of cash TC on housing. Assuming 550K, that is 13750 per month. With your existing 4500 commitment, there is 9250 left. At 6%, the mortgage on 1.6M is already more than that. You still need to pay for property tax. So it will be a stretch, unless you quickly sell or rent out your townhouse.
What size home you are targeting and budget? I guess if you still owe quite a bit on townhome it can be tight with 2 mortgages . Also, in case you wanna know - you sell your old townhome and buy new one and you don’t owe sales tax and it can be applied straight towards the down payment/principal
2500+ sqft looking for new homes
New homes? There isn’t any new construction in Pleasanton fyi.
What are individual base salaries? YOE ?
Your base salaries seem good to afford 2M house. And I would suggest not to sell your townhouse. Many people are trying to buy investment house even with high rates. You probably have good rate and less property tax on your town house.
Call a mortgage company.