re: How much to put down on a home? (more than 20%?)

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If you borrow over 417k, your looking at a first and second, the second being tied to prime + 1.5-2. If not youre going jumbo over 417k

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Not necessarily. The conforming loan limit in most of the counties in New Jersey is $625,500.

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Not necessarily. The conforming loan limit in most of the counties in New Jersey is $625,500.

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I knew NY was, didn't realize NJ was as well.

Move my 417 to 625 then

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When you have your kids, is your wife going to stop working for ever, or just a few years?

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Not forever, but for a while. 5-7 yrs?

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stick with the 20% down, but I would honestly suggest you look for a cheaper home. Where in Jersey are you looking? You don't want to get in a situation where you're house poor. stick with the 20% down, but I would honestly suggest you look for a cheaper home. Where in Jersey are you looking? You don't want to get in a situation where you're house poor.

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350K gets you 3BR 1 Bath up here on a small lot.



500k gets you 4BR 3 Baths on a much larger lot.

The thing is, we have been looking for a while, and there is nothing in between. You either get a small home around 350k, or you jump to 475-500 for something nice. Ideally would be the 425ish mark, but that price point just doesn't seem to exist.



From the consensus, it seems the general rec to just put the 20% down, and put the other 20% in some sort of investment vehicle to only use towards housing payments, correct?

Find a place with a separate basement that you can convert into an apartment and rent it out. That will help cover mortgage and give you further investment.

I only have 2 points.

1. Your 27 and have over a quarter million dollars saved with a nice, but not overwhelming salary. You should not be asking a message board for advice. You should be giving lessons on living on less than you make and saving.

2. Why on earth do you have a car payment?


Good job man. You are killing it.

To answer a few questions: my dad passed away when I was 21 and left a small inheritance. I put it in the market at the bottom and did OK on the way up.

I do well saving money, but obviously didn't just sock away money from my salary to get to that number.

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However, 95% of people in 30s do not invest the difference between their 30 year P&I and the 15 - they spend it on other stuff, waste it whatever.

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True, but that is a problem completely separate from the terms of financing.

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2. Why on earth do you have a car payment?

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if he's like me, he may have 5 years at 0.9% interest, and make 1.5% or more in a high yield account, meaning he makes more money off his money by financing.

Or he knew he was buying house soon and needed to boost his credit score, again, at ridiculously low rates.