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Started By
Message
re: How much house could I afford
Posted on 11/6/17 at 9:40 pm to Teddy Ruxpin
Posted on 11/6/17 at 9:40 pm to Teddy Ruxpin
Yall act like it's uncommon for $100K ballers to have $60K vehicles.
1
Posted on 11/6/17 at 10:26 pm to iknowmorethanyou
quote:
Yall act like it's uncommon for $100K ballers to have $60K vehicles.
hell $60k ballers have $60k vehicles
Posted on 11/6/17 at 10:34 pm to Retrograde
My wife and I purchased our first home last week in DFW.
We payed 280K, with 62K down, and a 218K note.
Our combined gross income is 120K. Our monthly payment is roughly $1050. We are not escrowing taxes or insurance. However, if we did escrow our monthly payment would be between $1500-$1600.
We have paid off car and student debt. Only current debt is credit card related. We could of put more down on the house but i would rather put that money in the market currently then paying off a mortgage with a 3.875% interest rate.
We payed 280K, with 62K down, and a 218K note.
Our combined gross income is 120K. Our monthly payment is roughly $1050. We are not escrowing taxes or insurance. However, if we did escrow our monthly payment would be between $1500-$1600.
We have paid off car and student debt. Only current debt is credit card related. We could of put more down on the house but i would rather put that money in the market currently then paying off a mortgage with a 3.875% interest rate.
This post was edited on 11/6/17 at 10:38 pm
Posted on 11/7/17 at 1:00 am to Retrograde
Posted on 11/7/17 at 4:09 am to Retrograde
quote:
We have 80 k saved for down payment/fixingshit.
-Where we currently live is free. Her family’s property where we live by ourselves, not staying.
-The 60k truck note is ridiculous, but its for pulling a fifth wheel trailer. I have a company car and get mileage, so it evens out with that being the only vehicle.
At 350k purchase price with 4% rate and 80k down P&I comes to around 1300/mo. I’d sacrifice on a 60k depreciating asset like a truck pulling a 5th wheel trailer before an appreciating asset like a home, but i’m also in real estate so my opinion may be skewed.
This post was edited on 11/7/17 at 4:10 am
Posted on 11/7/17 at 5:58 am to ItNeverRains
The truck is not going away. Can’t haul horses with a Fiesta.
Paying off the truck and having a smaller down would be an option, except I don’t want to pay PMI.
Paying off the truck and having a smaller down would be an option, except I don’t want to pay PMI.
Posted on 11/7/17 at 6:24 am to Retrograde
Once you figure out what you can afford, I recommend buying well below that number. One of my biggest comforts in life is knowing that I could afford my mortgage even if I lost my job and had to work at WMT for a year.
Posted on 11/7/17 at 6:30 am to LSUfan20005
I think the biggest variable you need to determine is what your yearly property taxes will be. that could be a huge monthly burden in some areas in Dallas on top of your insurance and principle. Buy what you are comfortable with, and screw the 350K price tag just because that is what the wife wants.
Posted on 11/7/17 at 6:55 am to Retrograde
Absolutely not. You'll never get ahead if you spend that much.
I wouldn't spend more than 150k but I know that wouldn't fly with a female.
What if one of you loses your job or she decides she wants to stay at home and pop out some kids? You're fricked.
Your current financial situation would keep me awake at night even before the new mortgage....
I wouldn't spend more than 150k but I know that wouldn't fly with a female.
What if one of you loses your job or she decides she wants to stay at home and pop out some kids? You're fricked.
Your current financial situation would keep me awake at night even before the new mortgage....
This post was edited on 11/7/17 at 7:00 am
Posted on 11/7/17 at 7:19 am to I Love Bama
quote:
What if one of you loses your job or she decides she wants to stay at home and pop out some kids? You're fricked.
This. Life Situation always changes. i would only use your income and see what you can afford. that way as long as she continues to work, you can use her income to 1) pay down truck note 2) actually enjoy married life with vacations/trips until the kids take that option away.
Also, think of it like this, buy houses in stepping stones. your first house will not be your forever house. taking out smaller pieces at a time is best in the long run.
EDIT:
when buying our house we factored only my income. in doing so why wife was able to drop down to part time and take kids out of day care. And now she doesnt have to work and she is able to work with our kids on school, with both being in the Magnet system, while still having time in the evening to spend time together.
Family is the most important factor, so it should be a part of the purchasing calculation
This post was edited on 11/7/17 at 7:22 am
Posted on 11/7/17 at 8:12 am to I Love Bama
quote:
I wouldn't spend more than 150k but I know that wouldn't fly with a female.
$150k in DFW? Let people with real advice answer the thread.
Posted on 11/7/17 at 8:15 am to I Love Bama
quote:
I wouldn't spend more than 150k but I know that wouldn't fly with a female.
I don't know where you live, but you better be fluent en Espanol if you want to spend that in DFW
Posted on 11/7/17 at 8:15 am to Retrograde
The truck is all ego and you know it, that's fine, but it's the biggest problem in your budget, and will hold back your home purchase. It doesn't take THAT $60k truck to haul horses. Whatevs
This post was edited on 11/7/17 at 8:17 am
Posted on 11/7/17 at 8:21 am to Costanza
quote:
The truck is all ego and you know it, that's fine, but it's the biggest problem in your budget, and will hold back your home purchase. It doesn't take THAT $60k truck to haul horses. Whatevs
Meh, I can give him a pass on the truck. If he is really hauling horses around at stuff that price really isn't awful. It's more expensive than it has to be, but you can't really get anything like that these days for less than 40
Posted on 11/7/17 at 8:41 am to Retrograde
You don't need a $60k truck to haul horses. I promise you.
Posted on 11/7/17 at 10:14 am to Retrograde
quote:
The truck is not going away. Can’t haul horses with a Fiesta.
If there is no option between the 60k truck and a Fiesta to haul horses then I agree. I was assuming there may be a 35k-ish option and a compromise was possible.
quote:
Paying off the truck and having a smaller down would be an option, except I don’t want to pay PMI.
I know there are some 85-15 conv no PMI products out there. May be some 90-10 ones I am unaware of.
Posted on 11/7/17 at 10:28 am to Retrograde
If you want to talk, I could help you with that. It's what I do.
Posted on 11/7/17 at 4:06 pm to Retrograde
quote:
-350/mo internet/cable/phone
Posted on 11/7/17 at 4:26 pm to LNCHBOX
quote:
$150k in DFW? Let people with real advice answer the thread.
Then he should be renting. He can't afford shite.
Posted on 11/7/17 at 4:49 pm to jimbeam
quote:
2x salary is what I've read
Why am I getting downvoted? That would equal a $260k house.
You can afford a decent amount more than 2x your salary.
ETA: also, it's hard to put it in terms of a multiple of your salary because a lot of your bills aren't dependent upon the price/size of your house.
This post was edited on 11/7/17 at 4:51 pm
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