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My father always told me to keep housing costs at 25-30% of take home (which is probably conservative pre-kids)
Subject Expert
Are you planning to keep the townhouse too? Or are you selling the townhouse and moving towards another property?
Subject Expert
The key will be to get a signed lease agreement prior to buying the new place. That way, the mortgage won’t count against your DTI (assuming it covers most if not all of the mortgage payment)
Realistically speaking based on the banks DTI calc, you guys can easily get approved for a mortgage of up too $8k a month max. If that’s your only joint debt. Way way more than 550k. Id say max 900k based on 282k a year. And still would be comfortable.