- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: How much home can I afford?
Posted on 1/11/22 at 7:10 am to thegreatboudini
Posted on 1/11/22 at 7:10 am to thegreatboudini
quote:
Gross Salary: 110K
quote:
Technically you could "afford" a $600-700k
What?
quote:
Available for down payment: 100K - 125k
This is how.
Also, I would recommend putting no more than 5% down on a house. Interest rates are too low to invest more than that and PMI isn't as bad as people want to think.
Keep 6-9 months in some type of accessible accounts for emergencies and put the rest into investments.
Rule of thumb is generally try to stay under a total value of 3x your annual income. There are other ways to break this down, but that seems to work well for me. You also need to consider tax and insurance rates where you want to live as these can vary substantially.
This calculator can give you a more detailed assessment.
This post was edited on 1/11/22 at 7:16 am
2
Posted on 1/11/22 at 7:19 am to seawolf06
Even with 125k down, the guy's net income is sub 6k a month. We're going to say that could afford someone a 600-700k home?
Posted on 1/12/22 at 12:54 pm to seawolf06
quote:
Also, I would recommend putting no more than 5% down on a house. Interest rates are too low to invest more than that and PMI isn't as bad as people want to think.
Keep 6-9 months in some type of accessible accounts for emergencies and put the rest into investments.
dear god please do this. please. with interest rates now a days...its free money. dont waste your own money. please for the love of god dont put 100k down.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News