Hi all, I am currently making $160k/year and am looking at buying a $750k house 6 acres. I would put down about $300k and be able to get a mortgage at 5.5%. The property taxes and mortgage/HOA/insurance would come to about 4k/month. My paycheck deposited into the bank is ~3800 bi weekly (after health insurance/401k etc. is this wild or is this reasonable? Or somewhere in between?

like
Posting as :
works at
You are currently posting as works at

$3800 * 26 pay periods / 12 months gives you roughly 8200/mo.. so it’s really a matter of if you can comfortably live on the remaining $4200/mo. Will you have other savings for incidentals? I’m assuming yes given how much you have to put down on a new house. I think generally speaking, 1/3 of your income (28%) is what financial advisors would suggest.. but only you know your situation best.

like

Back when house prices costed the same as a box of Kraft dinner

What do you do making $160K a year is what I wanna know. And can I learn to do it too?

like

I’m a senior software engineer lol

like

Do you have another source of income ? Significant other ? Surprised you got approved but makes sense with what you put down.

I think 50% DTI on just your house expense ( assuming no other income source) is not healthy. Leaves you little to no wiggle room after you factor in grocery/ and other discretionary spending

like

Regardless of calculation, you’re losing 50% of your take home pay to living expenses. Food/utilities/ gas etc could easily amount to another 30%. Leaving you living check to check.

I would downsize to something 500K ish and live comfortably if i were you

like

Are your parents wealthy? If so, go for it, otherwise if you’re thinking of it as an investment, real estate might be cooling down a bit

like

I mean I absolutely would not. My partner and I make close to $250k and wouldn’t buy a house for that much. Do you have debt on your current home? Is all of that $300k going towards a down payment or is there a mortgage to pay off?

like

My household take home pay is around $19k/month and we bought a house at the end of 2020 for $425k (current Zillow est is 580k).. so our mortgage pymt is $2.2k on the $340k loan. When we bought the house our take home was probably closer to $13k/month and we were hoping to be closer to $400k on a house.. to me your numbers sound tight. I wouldn’t personally feel comfortable with a house payment eating up that kind of cash each month, with only $20k in emergency fund.

like

😂 thanks for the offer - we have a nanny to keep our house functioning! My husband and I are both fully remote and in director roles so life gets crazy.

$160k isn’t a lot of money for you and your wife, kids and a $4k/month mortgage. Also don’t waste your $300k on a down payment especially looking at the RE market right now

I should clarify the 300k down is what I currently have in my current house

I don’t think it’s insane in general, but it dies not make sense to buy a property in this market.

Related Posts

Any all service firms hiring in Los Angeles area? 3rd year associate looking for a lateral move from a mid size insurance defense firm. Let’s connect and chat. Thank you in advance.

like

I am just so happy with my realtor that helped me with my investment property purchase. Totally worth it. Really helped me navigate through the market and make wise decisions. If you are looking for a great realtor in Orange County, Long Beach, Los Angeles areas… please DM me. Happy to refer.

likefunny

If I have an old 401k that was rolled into a Roth, should I switch it to a back door Roth? What happens if I want to contribute to it during the year?

like

Hello! I’m new to the city/country and would love know where can I find a financial advisor that can help me navigate the basics in the US (401k, investment plans, taxes). Is there a profession that could do all those things combined?

like

Recently tried to buy series-I bonds from the fed and they refused to allow me to open an account without getting a notarized form with my address on it. They say it’s a 13 week processing time, which really pisses me off. Two questions:
1 - would I be able to max out 2022 plus 2023 series-I investments if they were bought in Jan 2023?
2 - is the treasury pulling this shit with everyone? In efforts to get fewer people to purchase series I?

So I’m currently in the training process (20 weeks) and we start live phone calls next Monday and I’m a bit nervous to start talking to people on the phone in regards to their insurance. It’s been a lot of information to retain.. I know that we get 6 months of coaching after training but I still feel really uneasy. Is there any advice for a new health care concierge? Thank you!! @

like

Can I invest 500 dollars into my broker account every week? Or should I do 1000 every two weeks?

like

How much net worth (stocks, mutual funds, PPF, emergency funds, any other assets) corporate folks have accumulated by age 30 on their own?

like

What is an average salary for a fully remote People Operations Manager with 10 yrs of HR experience, several HR and benefits certifications, who oversees a team of 3 direct reports in a cybersecurity company of roughly 400 EEs?

like

What interest rates have you been quoted lately?

I wish Ad salaries were like NBA salaries. Each year you get a ridiculous raise no matter how shitty you perform. If you are good you get bird rights and no layoff clauses. And retire at 35.

like

I am retiring from real estate! It's been 40 long years of working in this field and I'm so grateful for everything I've learned. To the young and rising realtors out there: It's definitely worth it, don't give up and eventually things will get better. If you have any questions feel free to ask them!

like
like

Anybody working in GE Healthcare? Are they paymasters?

I'm joining Cognizant from HCL Technologies .... Do I need to transfer any PF amount? I don't have any knowledge on this? Can you help here?

like

My CTC is 21L and i have tax deduction for home loan at 1.5L and icici policy premium at 1.5L
How can i reduce my income tax in what all other investements ? Please guide me

When’s the last date you can do backdoor roth IRA for 2021? Is it by the calendar year (dec 31,2021) or tax day (april 2022)?

likehelpful

Does Deloitte still offer second year tuition reimbursement for a returning intern who’s attending their MBA program on a full tuition scholarship? Thanks!

like

Hi there, I’d really love some advice from you all. In the last year I had to sell our home in Boulder, CO and embark on a new build process on a home in Tampa, FL. It turns out my dad can’t afford to live on his own so we found a home in FL that would have an in law suite. We locked in a rate but it expired and they are unwilling to extend due to the fact the builder is delayed and supply chain issues. Is there a smart way to structure loans now I’m unaware of? I’m super concerned.

like

New to MBDR, topped off pretax 401k today and will get full company "match." Going forward I plan to do after tax contributions, does it make sense to change investment direction to money market to reduce the likelihood of nondeductible losses or taxable gains between dates of contribution and rollover?

like

More Posts

Do the layoffs worry you?

like

30 / F / NYC / $140K

like

I have 2 offers in hand.. Which one is good to go..
++Vodafone India solutions pvt ltd. (VOIS)
++Atos syntel

Salary-
++ATOS- X
++VOIS- X+2 LAKH

Technology-
Cisco voip

like

Going to talk to a CPA but curious how many of you take the home office deduction? I do most of my work at home but meet clients at an office in a high rise. The IRS info isn’t clear if I qualify

like

Any PA firms offer part time jobs? I want to go back to grad school next year but I need a part time job. I’m currently at PwC (I’m aware of PwC’s FWA but I’m not interested in that).

like

Am I going to burn bridges if I only give 1.5 weeks notice (7 business days)? The thing is the project I am on will be fully wrapped by the end of this week, so I don’t see any point in hanging longer

like

Which one is better Mck C&I private equity or Deloitte M&A NYC?

like

Tu bas bolne ka bhai

Post Photo
funnylike

PACU nurses! What hourly rate did you start off with in your specialty and where is your location? What do you make now?

like

How would you feel going on vacation with friends who want to bring their kid along too?

Does Wipro provide full offshore salary during short term onsite (UK)?

Relocation policy mentions "If on allowance model you will be on payroll of home country".

Can anyone who recently went please confirm if it's full salary or just basic?

like

Hi everybody,
Need an advice , related to Irish Employment laws / Workplace Relations Commission.

Situation:
Currently working in an IT company in Dublin Ireland. Company is making some reorganization and offering us :

1. Either to take some %age hike to accept the new shift pattern which is working a few extra hours including weekends, in general it is like losing lot on what was signed by us before.

2. Either to accept a chance to move teams but no idea how it looks like.

3. Redundancy

like

When working in silo with the client as individual contributor, no monitoring from CTS HM from my BU. How will the performance rated?

How to let my HM(practice lead) know about my work?

Hello all,

I am a recent college grad that has been struggling to transition & find a good entry QA role. Does anyone know a remote entry level Quality Assurance Analyst or QA Specialist roles hiring? I live in Washington, DC so I can be on site as well. TIA and open to any advice or referrals as well!!

like

Hi,Anyone know how to transfer tcs gems to another employee?

like

Is it true that Google has some roles that require a security clearance?

like

Is it possible to find a luxury 2 bedroom in manhattan for 4.5 to 5K around February?

funny

Booth R2 interviews out yet?

like

Is 3500 per month for a one-bedroom apartment a lot for Dallas?

funnylike

What are your thoughts on invoking the rule of sequestration at a deposition in a case in state court? I have heard some attorneys argue that it is inapplicable, while others have argued that it does apply.

And does your answer change if the "extra" person is adverse to the deponent? For instance, a corporate plaintiff having two reps at the defendant's deposition.

like

Additional Posts in Finance

Trump is president. And guess what? Monday still feels no worse, and no better, than usual. Go figure.

like

With all the news regarding sexual victims coming out, have you or anyone you know been sexually assaulted in the work force? What about in finance? Should more people come forward?

like

Bets on if Trump will get impeached? I think he's actually way too calculated to let it happen.

like

If I work in NYC and get a salary of 100k what is the total tax that I will pay if I live in New Jersey vs if I live in NYC ?

like

Anyone have experience working with Lazard Middle Market as an advisor?

like

TFW a stock you own in a good amount jumps 100% in a day. Sold half, got my money back. The rest is a free ride. Makes up for another stock that got slammed down 30% at the open yesterday. #volatile

like

Is Citi a dysfunctional organization, true or false?

like

Has anyone done devils path in the catskills, NY? If yes, do I have to pack a lot of my gear or can I just hustle through that trail for a day hike?

like

Looking to get into a new area of work in Dubai. Currently working in Ireland in a public facing role as a pharmacist. Salary is good, earning about €80K. Anyone know any companies hiring in Dubai? I have interest in working as an analyst in financial sector as it has always interested me or in an industry role. I dont want to take much of a dip in salary (if this is possible), anyone with any information or referrals I would be greatful 😎🙌🏻

like

36 hours in SF for the first time. What should I do?

like

Do any banks really have good retention?

like

Any thoughts on Harvard Extension School? Considering taking a class in the evening for more personal development. Econ major, would prob do Gov't, Int Relations or Philosophy course(s)

like