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Started By
Message
How much house could I afford
Posted on 11/6/17 at 6:31 pm
Posted on 11/6/17 at 6:31 pm
Looking for houses in DFW, I’d like to be around 250k, fiancée thinks 350k is doable but obviously I don’t want to do that.
130k combined income
Current bills
-800/mo vehicle note, 4 yrs left
-250/mo auto insurance
-350/mo internet/cable/phone
-800/mo food
-1000/mo on other random shite
My question is, how much do you think the bank would approve us for and how much would you be comfortable with on a note given those numbers?
130k combined income
Current bills
-800/mo vehicle note, 4 yrs left
-250/mo auto insurance
-350/mo internet/cable/phone
-800/mo food
-1000/mo on other random shite
My question is, how much do you think the bank would approve us for and how much would you be comfortable with on a note given those numbers?
20
Posted on 11/6/17 at 6:41 pm to Retrograde
Tree Fiddy?
Posted on 11/6/17 at 6:44 pm to Bossier2323
That's what she said.
Posted on 11/6/17 at 6:48 pm to Retrograde
quote:
how much do you think the bank would approve us fo
A lot more than you need
quote:
how much would you be comfortable with on a note given those numbers?
Well. How much are you putting down on the house? What is your monthly budget like? How much room do you have in your budget?
Lot of variables
Posted on 11/6/17 at 6:54 pm to Retrograde
$800 for a single car? Did you buy a $60K car on a $130K combined gross?
Posted on 11/6/17 at 6:54 pm to Retrograde
Id stay around 250 so you can still live a comfortable life. Consider property taxes in DFW. If those are escrowed, it will add a significant amount to your monthly payment. Property taxes are not cheap here in DFW unless you are in a shitty school district.
Posted on 11/6/17 at 7:01 pm to Retrograde
2x salary is what I've read
Why am I getting downvoted? That would equal a $260k house.
Why am I getting downvoted? That would equal a $260k house.
This post was edited on 11/6/17 at 9:51 pm
Posted on 11/6/17 at 7:05 pm to Retrograde
How much are you paying for rent now? With rent prices like they are here I would try to figure out what you could get for your current rent.
Posted on 11/6/17 at 7:17 pm to Mingo Was His NameO
-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.
-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.
Posted on 11/6/17 at 7:17 pm to lynxcat
Sounds like a truck note
Posted on 11/6/17 at 7:18 pm to Retrograde
Monthly note = 30% gross monthly income (or 20% net monthly)
Posted on 11/6/17 at 7:25 pm to fillmoregandt
quote:
Monthly note = 30% gross monthly income (or 20% net monthly)
No way I’m paying 3k a month for a house note.
Posted on 11/6/17 at 7:34 pm to Retrograde
Several calculators online. Plus the only stuff that counts towards Utilization is recuring debt. May have mispelled that
Posted on 11/6/17 at 8:09 pm to Retrograde
Here is a great mortgage calculator: LINK
You can look up the taxes for your area and get estimates for insurance.
This will at least give you an idea of what a note will be on x amount of house purchased.
You can look up the taxes for your area and get estimates for insurance.
This will at least give you an idea of what a note will be on x amount of house purchased.
Posted on 11/6/17 at 8:52 pm to Retrograde
quote:
No way I’m paying 3k a month for a house note.
Sounds like you want people to tell you you can't afford it. At your income you could afford that but not much more. That doesn't mean you have to buy that much house though.
Posted on 11/6/17 at 8:56 pm to Retrograde
May not be popular, but I'd pay off the truck with your cash, free up $800/m, and borrow more on the house. That truck payment is insane, and your budget will FEEL much different without it. Also, mortgage money is cheap, so pay off the truck, put down less on the house, borrow more, and keep the payment around $2k. (It's only $1,200 more than your stupid vehicle, dummy).
Edited to add, in a perfect world, I'd get a cheaper truck while doing the above.
Edited to add, in a perfect world, I'd get a cheaper truck while doing the above.
This post was edited on 11/6/17 at 9:23 pm
Posted on 11/6/17 at 9:03 pm to lynxcat
quote:
$800 for a single car? Did you buy a $60K car on a $130K combined gross?
Jesus Christ
Posted on 11/6/17 at 9:06 pm to Retrograde
quote:
How much house could I afford
quote:You answered your own question. Welcome to marriage
fiancée thinks 350k is doable
Posted on 11/6/17 at 9:09 pm to Retrograde
Also, you should shop that auto coverage around, 250 sounds high. What are your policy limits?
Posted on 11/6/17 at 9:39 pm to Retrograde
That truck note is stupid. I'd sell the damn truck and get the fiancé the house she wants and be done with it. Otherwise she will be griping even more than normal...
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