How much I should spend on house? (Edited)
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