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Dave Ramsey is a fool
Ramsey says 25% of take home pay, but that is before any retirement contributions or other savings. What would be your gross take home pay after taxes, but before any other savings?
Don’t be foolish. Ramsey is very conservative with home buying, but it makes a lot of sense.
https://www.daveramsey.com/blog/5-steps-to-buying-home-wont-bust-your-budget
How is your income after Biden tax increases?
Not caught up on that yet 🤣
Seems a little high, but if you are okay with the cash flow, ultimately up to how your lifestyle is. No other debt payments or cars, student loans, etc. And limited other expenses, it would be doable.
Careful. After a house comes the kiddos and expenses go through the roof
$4500 mortgage payment is pretty high for just a mortgage with $12K gross. My SO and I gross about 33K and pay $4500 rent. Pretty comfortable but I couldn’t imagine going up much more.
At about $33k gross a month in a high cost of living area. Pay about $8,500 a month in mortgage for primary.
AC1 - how do you think $10,000 a month gets you a $3m home? What kinda math makes that happen? Where I live, the taxes alone would cost you $5,900 a month.
How stable is the job in a covid economy. Is your income ever going to go up or is it always going to be $4.5k?
i assume it will go up or at least stay the same? My SO has a stable job working at the hospital tho
Pro
We’re missing part of the equation. What’re your monthly expenses like?
2.5K without rent and 4K with rent
I also follow Dave Ramsey - I wouldn’t spend more than 25% of take home on a 15 year fixed.