Related Posts
Conversation Starter
Hi, did anybody ever experience wrong tax calculations by JPMC Payroll/tax team ? Or is there any specific month where they deduct more tax. Huge amount of tax deduction is done for Oct payout. From my CA’s calculation the amount deducted by JPMC team looks wrong. Anybody experienced this?
JPMorgan Chase
More Posts
Conversation Starter
Oh man, the shade being thrown in this tweet...
Need 15 likes for DM. please help.
Chief
Maybe I'll avoid bounce tonight, maybe not
Enthusiast
4/4 Thread (General):
Additional Posts in Consulting
Hilton has the worst rewards program.
Where in the world is Slalom? 🤔
Chief
Are virtual interviews better than in-person?
How do I check my utilization?
What's your FB 💙 score?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
What are your other expenses? (Don’t actually answer, just do the math and make sure you aren’t going to be at $0.00 if you eat at a fancy restaurant every night and take on the higher housing payment.)
Odds are well in your favor that yes, you can afford to buy that home.
That’s really not aggressive…lenders will approve you for 43% DTI off gross income, THATS aggressive. Seems like your gross income is likely ~$12-13K a month. Considering this your PTI 21-23%…you’re in a pretty good spot and that should be easily affordable assuming you don’t have outrageous discretionary expenses.
Pro
How old are you? It might sound like a lot now, but you’re signing a 30-yr contract with a mortgage. Your income will almost certainly continue to grow, so what feels like a stretch now might not be at all in 12, 18, 24 mo.
Also, appreciation will offset much of that perceived increase in cost. You’re reallocating assets (cash to RE) much more drastically than a purely expense play of rent.
I agree with this it depends on where you are in your career. Are you likely to continue to earn more money in the future? Also, consider the tax advantages of mortgage and it is probably fine.
Depends on how much you spend on everything else and if you have kids or are planning to have them. With just this level of detail I’d say it is not a stretch at all. That is easily affordable.
Rising Star
33% of your take home. A slight aggressive, but nothing unmanageable assuming you have some savings buffer.
Rising Star
If renting a room/Airbnb is an option, take it to give you some financial buffer.
I would do it since you're putting such little money down.
How much are you putting in your 401k every month with the match?
Need vs greed.
Do you need the 2780 home? Can you make do with another option at 2000? To me that’s equivalent to 1600 you’re blowing without building equity.
But if the heart says go for the Tony Stark style beach facing mansion at 2780 then live your life bro. It’s fine.
This is coming from someone blowing 50% of their monthly salary on rent and affording any home close to what I’m renting requires me to get a job at Facebook or win the lottery.
D2 - you clearly have no idea what $2780 per month in some locations get you lol
One thing I didn’t realize about buying a house is how much utilities jump. It went from paying power when I rented to power, water, gas, and trash. I think I’m paying around $400/month all in. Not crazy but it was a surprise
Thanks D3. I didn't think about this
Is it at an upcoming area? How much do you expect the property tax to increase every year? Will your take home increase more then your property tax?
It’s hard to predict property tax in upcoming area, and it also varies from stat to state, city to city.. In my case, my property tax is 30% of my total payment (ouch), so that’s is a big uncertainty for me.
I doubt your property tax will be that high tho. I think you will be okay overall. Plus you can Airbnb one bedroom for additional cash flow. Good luck!
Without bonus and after all withholdings my wife and I take home about 22k per month, our house payment and all utilities are roughly 3,500. It’s what we are comfortable with.
Chief
Do it
With rent, all that money is leaving you. With mortgage, you’re paying yourself
And you’re freezing your housing payment in today’s dollars other than tax and insurance increases so it decreases in real dollars each year due to inflation. Meanwhile your rent will go up every year