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re: Buying new home - Renting current townhouse
Posted on 12/28/23 at 3:04 pm to Sherman Klump
Posted on 12/28/23 at 3:04 pm to Sherman Klump
quote:
Making 200k and buying a 800k house. Seems aggresive but maybe I’m ultra conservative.
Sounds like they have enough cash to put at least 20% down, avoid PMI, and mortgage the rest. Not as aggressive as it seems, but also not conservative.
1
Posted on 12/28/23 at 3:44 pm to ColoradoAg03
quote:
Sounds like they have enough cash to put at least 20% down, avoid PMI, and mortgage the rest. Not as aggressive as it seems, but also not conservative.
It feels pretty aggressive to me. His mortgage with property taxes and insurance will be around $4k if he got a 6%. That's 24% of their pre tax income. Is their income going to keep increasing? Will they send kids to daycare or will one parent stop working?
That doesn't feel comfortable to me.
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