Current hh income of about 350k no debt. About to have a baby, and our hh income could go down to 220k if SO does not return to work. Most likely will, but we will not know 100% until we have our first, and could be PT.
Tax saving -
You can claim exemption in HRA by paying rent to your parents if you are living in parent's property. Just ensure you have valid rent agreement and paying rent regularly through cheque/ banking mode.
Do this only if your parents are in lower tax slab or no tax slab. Because 70% of such rental income will be added in their income.
If your parents do not have ay other income then there will be zero tax for them.
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Could it fit within your net income? Sure. But I’d say it is definitely not advisable. Especially with a baby on the way I wouldn’t want that type of payment. It’ll basically be half your income to your mortgage.
I make $150k and am expecting twins imminently (within the next month) and just bought a house. My wife will not be working for the coming years. We put 50% down on a 5br 3ba in a nice area and pay $2760/m PITI. That’s under 25% of my gross or 30% net. That’s where the advisable range is. Anything above that and you’ll end up house poor; overextended.
Nah to 50% down
$8k with your current HHI sounds scary.
If it were me, I wouldn’t do it. I would bank on your SO not going back to work (my wife did the same thing. Thought she was but then couldn’t leave our baby girl). Kids are expensive so it would just be too uncomfortable for me.
Following. Im in a similar situation.
Our HHI is $500k and our monthly payment is $6,800 and it is the max Id want to spend. You should be looking in the $700-$800k range.
$8k a month is way too much. Even if your wife does go back to work your childcare costs will be $2500-$3000 p/month maybe more depending. If you have a second kid, it will exceed $3k a month. My husband and I earn about $280k with two under two and live paycheck to paycheck with a $3200 mortgage.
You have other expenses that are out of whack. No way should you be living oaycheck to paycheck on 280 with only 3200 for mortgage
Lots of factors to consider. Agree with others that I would check affordability assuming your SO is not back to work. If she does work, it will be gravy. That said, like with many of these posts, I don't think there is a simple answer. In HCOL areas where RE costs and rents have historically risen, a strong argument can be made to buy and lock in your cost of housing, especially if you have found a house at that price that works well for your family for the next 10 years. Past results no guarantee of future, but I have been in that spot and stretched for property a couple times and it has worked out well. What works for me for affordability is to use excel and model out your next 10 years. Key things I would consider: 1. What is your income likely to do? 2. Dynamics of RE costs and rent in your area - likely to rise significantly over a 10 year horizon, 3. Your household spending, bearing in mind that this may increase with kids (pre-schools primarily, but also diapers, clothes, food, activities). Hope that is helpful.
That's a strong argument.
Both of you should stay in the work force. Otherwise, as a team, your money becomes you SO’s and then arguments and resentment will form over the years. Plus, daycare is the biggest investment you can make in your child’s health, emotional development, brain development and social development
This is a very personal decision. I understand your POV, but I disagree.
Currently 8k PITI at 400 HHI (+100 bonus that we don’t factor in because it’s not guaranteed), no kids until we’re at least 30 and it feels very tight. Not sure how you could make that work under 300 and save for college (have you looked at a college calculator, which shows ~2k/month needed for private?)
Do the math on the lower (single) salary. That payment would be more than 40% of your monthly gross and that’s a lot. If your spouse goes back full time at the same salary it’s a lot more doable. But don’t assume that.
Some years ago, we bought our home with monthly PITI of about $3,400 with HHI of ~$160k with my wife expecting our child at the time. The plan was she will return to work after having the baby. However, due to complications, our baby was born couple months premie. My wife couldn't return to work because she was caring of our child with several developmental challenges. Long story short, we had to live with that large mortgage payment with under $120k annual income. It was stressful 2-3 years. We had to live quite frugal during that time. It also took a hit to savings towards retirement. Though she never returned to work but increase in my income and mortgage refi in later years made it more affordable for us. We are fortunate that we are not in that situation anymore.
My advice similar to others, try to fit the mortgage payment within your income and see if you will still be comfortable. If your wife returns to work then her income will be surplus towards kids college education, improved lifestyle or experiences.