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Started By
Message
re: Mortgage Amount 2-2.5x Annual Income
Posted on 4/16/22 at 12:11 am to HubbaBubba
Posted on 4/16/22 at 12:11 am to HubbaBubba
quote:
I just don't see how a couple on $130k affords a $260O-$2800 house note and throws in planning/saving for their future and college for their kids.
How so? If there are no car notes or revolving monthly debt then it’s very attainable.
My example also said a couple making 130k without kids. Sure, with kids 2600-2800 a month would be tougher to manage.
Maybe they’re not maxing out their 401ks at 130k salary but they more than likely can contribute $400-$500 a month and still be comfortable.
Keep in mind $130,000 after tax breaks down into $10,833 monthly.
With zero debt and no kids, I don’t see how even a $3000 mortgage would not be doable.
2
Posted on 4/16/22 at 1:19 am to Paul Allen
If a couple is netting 130k it’s likely doable.
If they are earning 130k it will be tougher as you have to factor 401k and insurance costs. If your both putting 9% into 401k that’s 11,700 less a year. Taxes around 10,000 a year. Insurances is 8,000-10,000 a year. Insurance is higher even with one kid. Daycare is 10,000.
shite adds up.
Save for a down payment and then buy the house you need/want so you don’t have to finance as much.
If they are earning 130k it will be tougher as you have to factor 401k and insurance costs. If your both putting 9% into 401k that’s 11,700 less a year. Taxes around 10,000 a year. Insurances is 8,000-10,000 a year. Insurance is higher even with one kid. Daycare is 10,000.
shite adds up.
Save for a down payment and then buy the house you need/want so you don’t have to finance as much.
Posted on 4/16/22 at 9:03 am to Paul Allen
quote:
Keep in mind $130,000 after tax breaks down into $10,833 monthly.
To get 130K after taxes means they need to be earning ~175K before taxes.
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