Can I afford a 300-350k mortgage on 87k salary? I have no debt, would put 10% down

like
Posting as :
works at
You are currently posting as works at

I did that plan when younger and wished I waited to save up more for a better home. Financially it was fine. The home never appreciated and the downpayment would have made more money in the market.

likehelpful

Do not do it. 25% of your after tax earnings at max should be going towards your mortgage and 5% on utilities. At your income I would settle for around 200k and rent out the room. Can you afford more? Absolutely! Should you? No you should not.

like

Okay got you yea

like

I did but I regret it (I bought $295k on $85k salary with $5k or so down). I got lucky and my house appreciated a bunch when I sold it, but even with a raise to $95k the following year, I would have rather had a lower mortgage payment and invested the difference. If you have the option to buy for less or rent for less, I’d highly recommend.

likehelpful

It depends how secure you feel in your job; It's possible but not ideal. I did something similar in 2016 at 25 y/o ($255k, 5% down, 75k salary) and regretted it. The worst part was stressing over not being able to save up emergency fund and couldn't afford to leave jobs I didn't like, cover repairs I'm now responsible for, etc. After 4 years, building net worth became more important to me and (very, very) luckily I was able to sell after the house appreciated by 90k; I barely broke even overall factoring interest, closing costs, taxes, principal, and insurance over the years. It feels like another chance to do it right, but I wish I would have managed my finances in my 20s like I am now.

helpful

There are a lot of other factors to consider, is it a house vs condo, is it in an up and coming neighborhood, how old is the property, how stable is your job/life, what are your other living expenses, what’s your net worth, how much emergency fund will you have, are you planning on keeping for a long term? How responsible or discipline are you with money?

Solely based on the info you provided, it’s doable, you might just be house poor for a couple of years.

like

I did this, but rented out my second bedroom for 2 years to make it affordable and let my salary increase.

like

Related Posts

Considering leaving to take a partner position at a small firm. Is it worth it? Would only be 2 partners with a staff of 10. Comp would be 250k on the low end and probably top out around 350k. Would take 3-4 years to get to this level of comp as would be buying 10% per year up to 40% of the firm. Am I stupid for not taking this? Currently manager making 125k. Comp first year as junior partner would be 120k with 10% ownership.

likesmart

Anyone with a leased car move from NJ to other states? If yes, could you please help me understand the process to get sales tax refund from NJ? Thanks in advance!

like

does ACN increase salary on a yearly basis atleast for inflation ? I have heard they dont. Also if you being brought in at 12 months level will the salary increase for 24 months, 36 months etc ?

like

What are your experiences with buying or selling homes on leased land... Is it really a secure investment, or could they just take back the land whenever they wanted?

like

There has to be a point where focusing on minute details generates diminishing marginal returns.

like

Wondering if anyone can give insight as to what salary range is for an insurance compliance role as an IC3 or similar?

like

I am 25 F. Working in Aerospace & Military Defence Co as a Technical Buyer. I have 2 years expierence within administrative roles, 1 year in procurement. I got this role after interviewing for one below (purchasing assistant) the salary for that role was 21-24K. I was already on 24K so they offered me the same salary - however, the buyer role came up and they offered me this instead but same salary -24K. I have a pay review in April, I want to ask for 28K, is this too much?

like

How much % raise in base salary would you accept in an offer to move from Gov to private?

like

Soon to be making 85k in LA, looking to move to a new apartment. What would you think is reasonable to spend on a 1 bedroom (not studio)?

like

For those of you that currently pay 30% of gross income towards rent, do you still have money to save? I’m moving to NYC and am used to paying only 15%. Pay is now 125k base so I’m looking for apartments around 2800-3k

like
like

What's the comp for penetration testers (both industry and consulting) in a HCOL area? Currently in risk assurance in Seattle, thinking about switching.

Is $100K CAD a reasonable salary for a Senior Art Director in Pharma?

like

Is the career trajectory/compensation different for internal IT and consultant roles vs the customer facing roles at PwC especially for RPA?

Hi Fishes,
I've got offer from EPAM System and Fiserv. Which one to join in terms of management, appraisal/hikes, benefits and growth? Both are offering similar compensation.

What is expected salary for senior tax 1 in Boston with cpa at mid tier firm?

like
like

Wondering what the comp is for SC’s & M’s at Canadian firms? All these American numbers are making me feel very underpaid...

likehelpful

What is a typical Consultant salary for Deloitte in New York? 2.5 YOE (up for Senior), Technology/Cloud space.

like

Resigned from TCS and LWD was a week ago. I received August's salary credited to my account. I cannot find the payslip in Alumni Portal.
Any idea when will I get August's payslip in Alumni Portal.?

like

More Posts

LOUISIANA-specific:
If I attend my client’s deposition along with a legal assistant/law graduate (bar admission pending), are they permitted to participate (object, redirect) under my supervision or would that be unauthorized practice of law for them?

Been trying to suss this out for WEEKS.

like

Hello Fishes, British petroleum Grade-7 in Digital functions or Wipro C1 Business Value Architect, fixed pay is almost same Wipro is paying 2 lacs more variable than BP.
Any insights/suggestions would be appreciated

like

Here’s. Cool random one for you guys if anyone likes micro brand watches and Motorsport. Rebellion Predator 2.0 regulator. Haven’t used it in ages but it’s something different to have in the collection!

Post Photo
like

I have an upcoming interview for a principal project manager position with my company. How can I ensure I get a huge raise?

like

The name of my Company is ByRN4RN Staffing and Academy. We are a dialysis staffing agency and also a dialysis school. Started 7 months ago, we have been able to secure a couple contracts but our biggest challenge is finding dialysis nurses. Most times after an interview with a nurse, they never show up for the job. What is it I am not doing right?

like

Hi All,

What is the advantage and disadvantage of working in SAP labs as external worker

like
like

I decided to move on from my job of 7 years, I had no days off, It was getting overwhelmed, I just wanted to spend quality family time, so I applied at another place and I was hired on the spot, so my old employer offered me what I wanted and I decided to stay, so my question is ….. how in a professional way do I tell my new employer that I not coming to work with them. I’m supposed to start by the end of this month.

Hello Mastercard employees. I have been trying to break into MC for long now.

I have 2 yrs workex post MBA. I have experience in data analysis and consulting. But I don't want to get into consulting anymore. I am looking for analytics roles. Anyone here would be able to DM and guide me on the available options at Mastercard?
Location: Gurgaon

like

Looking for recommendations on a good budget template for a handwritten budget. Got anything?

like

Looking to save on all taxes as my remote career grows. Any recommendations or where to move / establishment residency? I don't see the advantages of being in California.

like

Hi Sharks,
Please give some like, need it for DM.

like

Hi Sharks can you please tell me which can be a better option for me in case of job security and work life balance
Yoe : 7.9
Tech stack: endpoint manager SCCM
IGT (dufry client) : 22lpa includes 5% variable (complete WFH)
Mphasis (UCB Pharma client): 21 lpa including 5%variable - Hybrid working
Techm: 19 lpa + 1.25 joining bonus
TCS : 18.45 lpa

like

Ingram for Bell?

Does Persistent Systems gives reimbursement for Internet/ Broadband wrt WFH ??

like

I dint feel happy when my bf proposed me for marriage.. i am not able to understand why..he is very nice guy, we have been dating for almost 4 years but honestly, in these 4 years, i never had that butterflies feelings with him never ever. Its just that we are comfortable with each other as a person thats it and we started dating.
Whats wrong with me..i am also not sure if i want marry him..

like

I have a crush on my counsellor at work. She's much older but still really gracious and beautiful. Should I go for it or is this a bad idea?

like

Someone teach me how to flirt! How do I let this guy know I’m into him?

like

At my uncles wedding in Madrid I remember lying down on the grass in the courtyard after their first dance and crying, my Dad came and saw me, laid down in his suit beside me and asked what was wrong.

“I know my boyfriend wouldn’t dance with me like that at our wedding”

And we just lay there as I cried, and then got up. Had a drink.

Said boyfriend left years ago, and now I have a wonderful man who just asked me what type of dance lessons I want for our wedding next year.

Don’t give up.

likeupliftingfunny

May I know why are we not allowed to eat in shuttle? I was stopped by security guard cz I was eating ... I was hungry,packed up my food,running out of coding work . .. Strange !!

like

Additional Posts in FIRE Financial Independence Retire Early

What’s a good, practical tax book to read for someone who knows nothing about taxes? I feel like I should familiarize myself with them but don’t know where to start/find the topic very overwhelming and dense even as a finance attorney. Welcome to other beginning finance book suggestions too! (Already read Kiyosaki and Ramsey)

like

TC New grad Software Engineer
Base: $110k
Sign-On: $35k
RSU: $120k/3years
Relocation: $20k

Starting fresh with virtually $0 savings and $0 worth of financial literacy, whats the best course of action? any advice is greatly appreciated!

like

Want to make investments but the market has been going up. Any advice on whether I should wait for a dip or just go in. Newbie here so looking for perspectives

like

Feeling grateful & proud as I reached my goal ($50K by 25) 5 months early. But I can’t help feeling a bit overwhelmed. In the lifelong scheme of things, $50K doesn’t seem like much. I worked really hard and sacrificed a lot (including mental health) to get to this but it seems a little tiring knowing I still have so long to go. I recently moved out and in with my BF so my expenses are split, but nonetheless they are still expenses. Any tips on continuing this journey and keeping the drive?

Post Photo
likehelpfulfunny

Thoughts on whole life insurance? Worth it?

like

Can someone help me with this? I had a low utilization since pandemic, I.e., ~sub 5%, but never missed any payments. Would credit score be impacted if only one line of credit with a low utilization?

Too few accounts currently paid as agreed
FICO®

Scores consider the number of accounts that are paid as agreed. Your score was impacted because the number of these accounts is too low, or because you've missed payments recently on some of your accounts.

like

Hi! Pretty new to this concept, and really early within my career (only 3 months in). Currently on my company’s 401k plan, contributing well beyond the minimum to receive a match, and maxing the amount I can put in right now (25%). Dabbled a bit in options and stocks in general. Any advice, guides, or starting places you would give someone in my shoes? Thank you in advance!

like

Debt payoff update: house paid off, personal loans paid off, credit card down from 22K to 5K. Car loan is 21K. Looking to be completely debt free in 6 weeks, very excited!

likeupliftingsmart

Once you hit your FI number, what are your plans? 1 yr? 3-5yrs? beyond?

like

Currently 23yo with $65k in cash and $14k in student loan debt. Not sure what the best course of action is. What would you do?

like

the more I want something, the harder it is to achieve. anyone has this feeling also?

How much of a nest egg would you expect a couple to collectively need in order to retire at 40 and live relatively comfortable (not lavish)?

likefunny

I'm a young professional finishing my first year of my career. Last month I opened a brokerage account & invested $4000 in the stock market. I'm planning to invest at at least $2000/month every month now with the goal of creating a passive income stream. Do any of you have experience with a dividend growth strategy? How did you get started?

like

I have 10k extra to invest. How should I grow it? Any growth stocks to recommend?

likehelpful

For those maxing out their HSA, how many of you are using it on health expenses v saving it, and why?

like

For those of you who made your first million in net worth, what did you do next?

like

Quick question: will you buy vanguard index funds through a vanguard account or their ETF versions through Robinhood or Ameritrade (already have Robinhood and Ameritrade) ?

Trying to build a strategy focused on index funds.

like

Single and childless but would like kids. High income and maxing out all tax advantaged accounts I can but was thinking of starting a 529 in my own name to be transferred to future kids. If I don’t have kids maybe transfer it to my nephew. Thoughts, pros, cons?

like

Thoughts on ARK innovation ETF

like

What does your asset allocation look like? Here's mine

Post Photo
likehelpful

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal