First time home buyer here…my wife and I make a combined income of $282,000. Her current townhouse payment is $1900 a month. How much can we realistically afford for a new house? (~550K)

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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)

Are you planning to keep the townhouse too? Or are you selling the townhouse and moving towards another property?

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)

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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.

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