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How much can i spend on a house
Posted on 5/27/12 at 6:38 pm
Posted on 5/27/12 at 6:38 pm
I make around 100k a year my wife makes around 80k a year.As of now our monthly bills are around 3k.
7
Posted on 5/27/12 at 7:43 pm to tigrbaseball
You need to find out how much should you spend on a house and not how much can you spend on it. You will over buy if not. There are lots of calculators on google to plug everything in. What do both of you do at that age if your birthdate is correct?
Posted on 5/27/12 at 7:57 pm to saderade
If they are 21 and pulling in 180k gross...what wrong decisions did I make along the education path 
Posted on 5/27/12 at 8:00 pm to saderade
Im 24 and i am a manager at my dads company and my wife sales insurance,i was thinking around 300-350 for a house would be affordable.
Posted on 5/27/12 at 8:01 pm to lynxcat
Quick online calc says you bring in just shy of 12k a month. Assuming you already have about 1k of rent built into your 3k of monthly expenses...I would say you can afford just about any reasonable home you would like to purchase.
You could consider doing a 15 year financing on it and still afford quite the nice house.
If you plan on having kids, then you need to account for the lost income from your wife potentially not working.
You could consider doing a 15 year financing on it and still afford quite the nice house.
If you plan on having kids, then you need to account for the lost income from your wife potentially not working.
Posted on 5/27/12 at 8:05 pm to tigrbaseball
Posted on 5/27/12 at 8:06 pm to tigrbaseball
quote:
Im 24 and i am a manager at my dads company and my wife sales insurance,i was thinking around 300-350 for a house would be affordable.
Congrats on the success.
Posted on 5/27/12 at 8:12 pm to lynxcat
Thank you ive worked very hard to get were im at right now.I have another question,roughly how much a month does a baby cost.
Posted on 5/27/12 at 8:14 pm to tigrbaseball
quote:
Im 24 and i am a manager at my dads company and my wife sales insurance,i was thinking around 300-350 for a house would be affordable.
Congrats on the shared success at such a young age. I hope I can be that well off when I'm 24. Depends f I can pull through and get this PETE degree
Posted on 5/27/12 at 8:23 pm to tigrbaseball
quote:
Thank you ive worked very hard to get were im at right now.I have another question,roughly how much a month does a baby cost.
The biggest thing with a baby is not just the additional cost but the "opportunity cost" that one of you may quit you job to stay at home with the child.
I have never had a kid, so I am just ballparking around $1200 (with an occasional spike when doctor visits, etc occur).
If your wife quit working,then 80k goes poof and then add another $1200 or so a month to the monthly bill.
You take home just under 7k/month on just your salary. A 350k house, with 300k financed @5% over 30 years puts you around $2,000/month in mortgage.
That leaves a little less than 5k a month for all other expenses, which is very achievable.
These are just rough estimates -- it sounds like you need to speak with a CFP who can map this all out for you more precisely.
Posted on 5/27/12 at 8:49 pm to tigrbaseball
Sounds like you should be at a point where you shouldnt have to come to tigerdroppings to ask this question
Posted on 5/27/12 at 8:55 pm to Donnie Darkeaux
quote:
Sounds like you should be at a point where you shouldnt have to come to tigerdroppings to ask this question
Even those of us that have financial backgrounds come to the MB to get other informed opinions. The MB is quite a bit different than the rest of TD, so I won't judge this guy for looking for some help.
I do think he needs to talk with someone that does this for a living because it sounds like finance related matters are not his specialty (raises some questions regarding his role as a manager though!).
Posted on 5/27/12 at 9:04 pm to lynxcat
Considering the guy is a manager for his dad's company, it's probably pretty safe to assume he will one day be owning the company which would allow for alot higher income. He can afford a $350k house. If his wife quits working, I'm sure he will have opportunities to makeup for his lost income.
Posted on 5/27/12 at 9:08 pm to guttata
He can afford a 350k house even without pay raise in the future. I was trying to limit the number of variables at play in this quick-n-dirty look at the numbers.
Posted on 5/27/12 at 9:17 pm to lynxcat
Just had a baby. They aren't quite $1200 a month (yet), but we have Alabama Teacher's Benefits. As long as the baby is just getting her routine check-ups, doctor is free, and the insurance covered all but $250 of the nine months of doctors visits and delivery at the hospital. I would say, and this is for the first 2 months, that expenses would run you around $600-$800 a month, give or take, depending on if you formula feed, or breast feed. Breast feeding should cut down on the cost of those expenses some as well.
Posted on 5/27/12 at 9:29 pm to HoLeInOnEr05
quote:
How much can i spend on a house
Just had a baby. They aren't quite $1200 a month (yet), but we have Alabama Teacher's Benefits. As long as the baby is just getting her routine check-ups, doctor is free, and the insurance covered all but $250 of the nine months of doctors visits and delivery at the hospital. I would say, and this is for the first 2 months, that expenses would run you around $600-$800 a month, give or take, depending on if you formula feed, or breast feed. Breast feeding should cut down on the cost of those expenses some as well.
Good information to know. I had never looked into it enough to know
Posted on 5/27/12 at 9:35 pm to lynxcat
quote:
Even those of us that have financial backgrounds come to the MB to get other informed opinions. The MB is quite a bit different than the rest of TD, so I won't judge this guy for looking for some help.
Great point, and I totally agree.
For that matter, no matter how much my career progresses I never stop asking questions of people whose opinions and expertise I respect (even if they are younger than me).
This post was edited on 5/27/12 at 9:41 pm
Posted on 5/27/12 at 9:39 pm to guttata
quote:
Considering the guy is a manager for his dad's company, it's probably pretty safe to assume he will one day be owning the company which would allow for alot higher income. He can afford a $350k house. If his wife quits working, I'm sure he will have opportunities to makeup for his lost income.
Thinking like this could be a big mistake. How does the future of the company look? What is his contingency plan if it doesn't work out? Will his wife be taking care of the kid while he is still making 100k or less and living in a 350k house?
Things can get tight in a hurry. Hopefully he and his wife will have continued success, but it never hurts to play "what if" before locking into a 30-year mortgage commitment.
Posted on 5/27/12 at 9:43 pm to Bayou Tiger
Do yall have a savings account and 20% down payment?
Posted on 5/27/12 at 9:48 pm to Bayou Tiger
quote:
Great point, and I totally agree.
For that matter, no matter how much my career progresses I never stop asking questions of people whose opinions and expertise I respect (even if they are younger than me).
The MB could make a heck of a management team -- there may be some differing opinions at times, but there is some top notch business talent on this board (both young and experienced).
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