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Conversation Starter
Anyone doing any investing in Charleston, SC
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What’s Opus London like?
Thoughts on Klick??? Very intrigued
Visual Storyteller
Please bada do yaar😂
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The numbers sound crazy but makes sense given your HHI. Do you have a rainy day fund in case either of you gets laid off?
Coach
Putting down 15% instead of 20% will cost about $230,000 over thirty years
That’s a very expensive rainy day fund
I might suggest putting more money down and lowering your monthly cost. If you get laid off then you won’t have as much of a monthly burden
I think it will be just fine!  don't get too stressed about the initial expenditures, because there will be many. I.e. furniture appliances, etc. But when things calm down, I think that monthly payment will be very doable based on your HHI. Congratulations! 
Thank you! I know it’s doable by looking at the numbers but the figures also make me instinctively balk. We’re both fairly frugal in our everyday lives so this is a new experience and I guess a new normal we have to get used to. Our current rent is only a fraction of this so I just keep telling myself we’re building equity even though it hurts 🥲
Assuming you’re a senior associate in biglaw and 450-500k of this is your income, what is your trajectory for counsel / partner? Any chance you might have to take a large pay cut to go in house? If not, go for it.
Note: also relevant to consider if kids are on horizon. That’s a big expense.
Actually my partner’s income makes up most of the HHI (my salary is just under 40% of the total). I think his career prospects are good with strong chances of promotion and pay increase in the next few years, which I also factored in when thinking about purchasing this apartment. My salary will increase as well over the next few years but not as drastically (I made the jump out of biglaw two years ago). Kids definitely on the horizon so those costs are also adding to the anxiety but we did make sure to buy in a decent school district so we can avoid the private school route at least for a while. Though understand that nanny/daycare will cost ~$40k per year where we are which we’ll have to bear for the first few years before prek
With that HHI…what industry do you and your partner work in? 🤯
That’s really cool. I’m scared of m&a because of the hours but wow guess there is money to be made.
Congrats on the home!
Coach
Hey you’ll be fine, but consider that 20% down payment instead of the 15%
If you put down 20%, then:
- your monthly is reduced by about $600. This is $600 in extra savings every month. No other investment will guarantee returns like that
- your total interest cost over time drops by about $150,000
- the total mortgage payment of the house drops by about $230,00 (from 3.87m to 3.64m)
I would suggest rebuilding a bigger emergency fund based on your new monthly expenditures. So in case something goes wrong (layoffs, urgent repairs, etc.) you are covered. It sounds like your cash flow is great, but if your emergency fund is only 100k, it sounds like you might be a bit stretched.
Thanks! You’re right - we definitely plan to continue to save aggressively and be mindful of expenses to build up our emergency fund again.
Visual Storyteller
Numbers check out. Congrats.
What is your interest rate? Does your all in monthly payments include property tax?
What's the HOA on that bad boy?
Me and my husband are currently at 650HHI. We are going to try to put in a large down payment and keep our monthly housing cost under 6K.