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Started By
Message
How much home can I afford?
Posted on 10/19/25 at 2:23 pm
Posted on 10/19/25 at 2:23 pm
Gross Salary: $135k
Current Debt: zero
Available for down payment : $150k
Additional info:
Currently In New Orleans so of course need to factor in our stupid insurance.
Currently putting 23k into 401k. Would like to continue doing that. Do not want to become house poor.
No kids so no daycare or tuition expense
Current Debt: zero
Available for down payment : $150k
Additional info:
Currently In New Orleans so of course need to factor in our stupid insurance.
Currently putting 23k into 401k. Would like to continue doing that. Do not want to become house poor.
No kids so no daycare or tuition expense
This post was edited on 10/19/25 at 2:41 pm
10
Posted on 10/19/25 at 2:45 pm to danilo
450k?
Posted on 10/19/25 at 2:53 pm to danilo
135,000
23 401k
112,000
State, federal taxes??
23 401k
112,000
State, federal taxes??
Posted on 10/19/25 at 3:04 pm to makersmark1
I am salary W2 employee. Zero allowances or dependents. Standard deduction
This post was edited on 10/19/25 at 3:05 pm
Posted on 10/19/25 at 3:13 pm to danilo
~$400k
Posted on 10/19/25 at 3:59 pm to danilo
300-350
Posted on 10/19/25 at 4:14 pm to danilo
quote:
Gross Salary: $135k
Current Debt: zero
Available for down payment : $150k
shite the bank will probably approve you for a mil
Posted on 10/19/25 at 5:54 pm to danilo
How much can you afford or how much should you afford? Should afford is take you take home salary times it by 0.25% and house, taxes, and insurance shouldn’t exceed that
Posted on 10/19/25 at 5:57 pm to tigerbacon
With that much down, I’m thinking $400-450K is probably reasonable. This is without actually running the figures.
Interest rates go down and closer to $500K.
Interest rates go down and closer to $500K.
Posted on 10/19/25 at 7:39 pm to Billy Blanks
quote:
300-350
just say 350 you son of a bitch
Posted on 10/19/25 at 8:03 pm to danilo
quote:Is this something that could happen in the future?
No kids so no daycare or tuition expense
Are you only looking in Orleans Parish? Taxes and insurance can be a significant expense as you know.
Posted on 10/19/25 at 8:39 pm to danilo
Posted on 10/19/25 at 9:07 pm to TheOcean
$450k with $150k down is going to put him around $3000 a month mortgage, maybe slightly lower….depending on insurance and property tax. I ballparked $12k for insurance and taxes and got a $2800 payment with 6% loan.
He can qualify for it, but I think it’ll make him house poor if he wants to keep up the same contribution level to his 401k. I’m guessing his net take home pay is around $7500/month after withholdings and 401k. If it were me, I’d probably stay under $350K budget
He can qualify for it, but I think it’ll make him house poor if he wants to keep up the same contribution level to his 401k. I’m guessing his net take home pay is around $7500/month after withholdings and 401k. If it were me, I’d probably stay under $350K budget
This post was edited on 10/19/25 at 9:11 pm
Posted on 10/19/25 at 10:33 pm to danilo
More importantly is don’t overpay just because you can. Your get approved for 500K+. Try to fin something in the 350 range that has potential to apprise for slightly more. There out there get a good realtor and find one.
Posted on 10/19/25 at 11:26 pm to redfish99
quote:
More importantly is don’t overpay just because you can.
Posted on 10/19/25 at 11:39 pm to saderade
quote:
Is this something that could happen in the future?
Don’t think so
quote:
Are you only looking in Orleans Parish?
Jefferson is a possibility too. Haven’t really thought about anywhere else much.
Posted on 10/20/25 at 10:20 am to danilo
start with your take home:
- subtract your monthly food expenses
- subtract your monthly vehicle expenses
- subtract your monthly travel expenses
- subtract your monthly clothing expenses
- subtract any other budgeted monthly expenses
- subtract the amount of discretionary spending/saving you need each month
What you have left is the amount of money per month you can spend on mortgage + home insurance + property taxes + HOAs + utilities + home repairs
Only you can determine what you can afford.
- subtract your monthly food expenses
- subtract your monthly vehicle expenses
- subtract your monthly travel expenses
- subtract your monthly clothing expenses
- subtract any other budgeted monthly expenses
- subtract the amount of discretionary spending/saving you need each month
What you have left is the amount of money per month you can spend on mortgage + home insurance + property taxes + HOAs + utilities + home repairs
Only you can determine what you can afford.
This post was edited on 10/20/25 at 10:22 am
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