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re: Mortgage affordability question
Posted on 6/15/26 at 9:26 pm to cforester821
Posted on 6/15/26 at 9:26 pm to cforester821
You can afford the home!
Living 80-85% (or less) of your means and Invest the difference in cash generating assets. Your future self will thank you. You may be able to cut that short once you hit your target portfolio number to be independently wealthy.
And in terms of total portfolio allocation (including home equity as % of total portfolio) - IMO:
Conservative = 10-15%
House heavy = 30
Liquity is important! A net worth tied up mostly in hard assets is illiquid. Rich on paper maybe. Liquid poor. No good.
Give white coat investor website a go. You may find it interesting.
Good luck.
Living 80-85% (or less) of your means and Invest the difference in cash generating assets. Your future self will thank you. You may be able to cut that short once you hit your target portfolio number to be independently wealthy.
And in terms of total portfolio allocation (including home equity as % of total portfolio) - IMO:
Conservative = 10-15%
House heavy = 30
Liquity is important! A net worth tied up mostly in hard assets is illiquid. Rich on paper maybe. Liquid poor. No good.
Give white coat investor website a go. You may find it interesting.
Good luck.
This post was edited on 6/15/26 at 9:33 pm
0
Posted on 6/15/26 at 9:30 pm to cforester821
You can afford it, but you may be slightly house poor for a while.
Posted on 6/15/26 at 10:19 pm to cforester821
Future appreciation of a major asset.....
Posted on 6/15/26 at 10:36 pm to cforester821
As someone who likes to go on date nights, drive newish cars, and travel... I would not be comfortable with that much risk in my financial picture. Not only does it come with a $6,000 mortgage, can you comfortably afford the maintenance, repairs, upkeep, side projects, etc? If YOU think yes, go for it! I truly wish the best for you!
This post was edited on 6/15/26 at 10:37 pm
Posted on 6/16/26 at 12:07 am to cforester821
theres no way it's gonna be 6k a month with todays interest rates, property tax, and insurance unless you put like 500k down
Posted on 6/16/26 at 1:44 am to cforester821
Just don't ignore the fact that a million dollar house has million dollar maintenance demands.
This post was edited on 6/16/26 at 1:45 am
Posted on 6/16/26 at 8:44 am to cforester821
there is no "rule" to go by. Start with your take home pay. create a BUDGET! See how much your current pay and desired lifestyle can afford. Be sure to account for mortgage, home insurance, property taxes, utilities, maintenance, repairs and HOA dues as being the monthly cost for the home.
This post was edited on 6/16/26 at 8:45 am
Posted on 6/16/26 at 12:49 pm to notsince98
Lots of good advice in here. Thanks to all who contributed. Going to see the house again today and will pray and think on it.
Posted on 6/16/26 at 1:02 pm to cforester821
I’m going to assume this house is where y’all want to be long term.
One of the nice perks about your MD career is the great income stability with flexibility to move.
I’m not saying you’ll have difficulty selling that house, but I sure wouldn’t want to have to find out
One of the nice perks about your MD career is the great income stability with flexibility to move.
I’m not saying you’ll have difficulty selling that house, but I sure wouldn’t want to have to find out
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