If you made 150k a year in Maryland. Only student loans at 13k. Fully remote bringing in $3300 every two weeks without an itemized deduction. No kids.

What is the max mortgage you’d sign up for? (I’m on track to be at 185k salary in the next 2-3 years.

Personally I’m maxing myself at a mortgage of 500k if I really really love it. I feel safer in the 400k to 470k range.

What are your thoughts?

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

25% of your current take home pay, with 3-6 months of expenses in an emergency fund. Anything can happen - sickness, job loss, etc. - and that all tends to happen right after your HVAC goes out. With a mortgage at 25%, your total housing cost (insurance, maintenance) should hopefully be around 30% of your pay.

like

What is the rate on your student loans? Since they are down to about a month of your salary I'd be tempted to buckle down and try to pay that off in the next 3-6 months then start thinking about a house.

like

3.2%, I’m letting those ride. Started at 37k 4 years ago. My payment after deferment are only $68 a month or so.

I prefer mortgages that can be totally paid off within 5-7 years. That means minimizing all other bills and paying down the mortgage as quickly as possible, especially during the first half, since you’d be paying disproportionately more in interest than principal in that segment. Afterwards it can be relaxed a bit. Either way, any mortgage that isn’t paid off within a few years relies on the risky assumption that the current income will continue to be the same or increase, which is a pretty major dare in today’s job market and the increasing AI job replacement. I’ve seen way too many top professionals be laid off and be unable to secure a subsequent job for months and years. Once a resume gap is established, it often compounds on itself.

like

How much do you have in reserves? What is the hiring market for your role making the same salary if your co does lay-offs? That is key information needed for this decision.

like

I’d have about 8k-20k of reserves after closing ideally depending on home price. I do contract work and we were awarded another 6 years. My bank account would probably go up about $1300-$2500 a month after close.

Right now, my expenses are about $2900 a month and the rest I invest for putting in a high yield savings account

Yes you’ve done the math right. Those values check out. It’s really hard to go low because the houses are just so rugged at that price (assuming you’re not in a rural area).

Our Household income is at about $250K reliable income. And $500K-$600K is about our absolute max. Need longterm sustainability to ride the wave of life. Extra savings for kids, job loss, new car, etc.

Making 175k base, I bought a house 2 years ago for 320k, all in HOA, Taxes, mortgage im at 3k a month and that's the most i was willing to spend considering my take home is $8100 a month. Your math is good. I wouldn't go above a 400k house if you can. Keep in mind im single, I have a modest 2 story 2 bed/2.5 bath home, your situation may be different

Related Posts

Hi everyone! What remote jobs are you working that you feel is good for your ADHD?

like

I suffer from depression. Currently on 150mg Venafaxcine. It seems my depression is worse in the day and I come alive at night. Has anyone experienced this with or without Venafaxcine?
I work remote and I'm currently on the bench. I'm worried because my utilization is low...Im trying to learn new skills and sleepy during the day it makes it hard. I don't get sleepy until 3am because I'm wired/hyped up. I don't know what to do. Without the meds, I won't be able to get out of bed...

like

What should I expect for a salary range for a “software development analyst” at a research institute in Boston with 2 years of experience

Hello, I've been working as an SEO Analyst for almost 2 years now. I have been handling and implementing content writing, content marketing, internal linking strategies, rich-result optimisations, keyword analysis. I'm located in Bangalore. I want to jump to other company for a hike in my salary, can anyone please provide me such information where I can contact and proceed with interview. I have an updated CV ready, ready to share if anybody interested.
Thank you,
Syed Furqan.

like

Hello & hope all is well. I am reaching to request any assistance with a PwC referral for the remote Provider Operations-Director position. Please let me know if you can help. TIA.

like

What salary range can Apisero offer at 8 YOE.
Current 19
Other offer 25 LPA

Hi Fishes,
I have 2 years experience in similar domain in Amazon Ecommerce.
I had recently interviewed for SAP Ariba for the role of CFE Consultant- Catalog Advisor, while the manager asked for my expected salary i mentioned 8.5 LPA, is it good?

likehelpful

What will be in hand salary.???

Post Photo
like

KPMG increasing package by 0.5% so super guarantee doesn’t eat into existing salary. Step in the right direction after AFR article showed KPMG salary as lowest among big 4 at all levels…

likefunny

In discussions with Coinbase for a Privacy role. Reporting to Associate General Counsel. What’s a good comp to target?

like

Can someone please confirm if the variable pay is always 25% of base pay in LTI? I have been told so by LTI HR during my salary discussion and have been offered accordingly (for P5 grade).

like

Procter & Gamble Hi fishes, Need your help here. Can anyone refer me to a product company in Bangalore. Below are my details: YOE: 12+ Skills: analytics, people management, team, stakeholder, vendor management Current position: operations manager Location: Bangalore Open to remote working Please help in any opening in your company suitable in managerial position with analytics background 🙏🙏🙏 Accenture Diageo Infosys Unilever Pepsico Coca-Cola Reckitt Benckiser Procter & Gamble EY KPMG India Deloitte

likehelpful

For people who have profit sharing what have your experiences been? Ours is every March but it is a variable number based on how we do the prior year (duh obviously) but also only my boss gets to decide and he gives no criteria on why he chooses what he does. Don’t get me wrong I am super thankful to be in a location with great PS opportunity and upside but it is so hard to plan my life out not knowing what my income will be that year. Also there’s no way to know how my bonus compares to my peer

like
like

How do real estate lenders take cash flow into consideration? For example, typically I would probably only be approved for a $500k loan ($125k comp and $100k for down payment), but if I’m buying a multi-family home and planning to live in a unit and rent the others, will lenders approve a bigger loan?

like

Hi all,

will be looking for a job change soon. Any companies in chennai/ remote work in India uses below tech stack? Please list the name of the company on a similar tech stack, will keep an eye on them for opportunities. Thanks in advance.

Spring boot, java 8+, pcf/AWS/azure cloud, microservice development.

like

What is the salary range for a Senior manager in VOIS? I have been offered 32 but i think they can offer much more

like

What is a % range bump you can see in comp as you progress from Associate to SA at an MM firm? How about within Associate years (A1 vs. A2)? Got an offer from a secondaries firm and curious to know what the jumps are.

like

Can someone please share the current trends in joining/signing on bonus in Asset management industry.

I have an offer from an Asset Manager in London and it is slightly below my expectations. I want to approach them for a joining bonus but was not sure if it is a thing in asset management.

Also what is a good % to ask for a joining bonus [5%, 10% or 15%] of the base salary

like

More Posts

Any recs for CIPM study books?

like

Hi all, Required documents were submitted as HR asked, How long will it take him to release the official offer letter.
I got shortlisted mail and i have submitted all the documents asked.
YOE - 3.5yrs.
making a switch for first time, can someone share their knowledge on this.
new company shortlisted for is COMCAST INDIA

like

Hi Guys,

Can you guys pls share some insights about infocepts regarding work life balance, appraisal system etc,
I have been offered a role as senior data engineer

Waiting for your feedback. thanks

Do you recommend joining infocepts??

like

Need help with drafting my resume for project/ program manager and/ or product manager roles. Feeling rusty. Also need some help drafting my LinkedIn summary. Any suggested sources / examples? I am not being noticed by Amazon, Google, Microsoft yet. Goal is to get to Microsoft.

like

When you realize it’s only Tuesday…

Post Photo
likefunnyuplifting

Hi Gang, really feeling the burnout a bit heavy now after ~5 years in SaaS and Consulting Sales. What are some of the most transferable roles AEs can move to post sales?

like

When I was hired, I don't recall being informed about my salary being tied to my location. My employment contract also only makes one mention of location, and says "home office" and my state. I was recently told by HR though that if I move, my comp. will be lower. Is this legal? Should I consult a labor lawyer?

In my mind, I don't recall being told this and it's not clear from my employment contract, so I feel like they're breaking our agreement, and it feels unfair.

Thoughts on what to do?

like

Hello wonderful community, I have recently relocated back from Canada with 6 years of experience in the non-profit space within marketing/resource mobilization. I’m based in Gurgaon and wondering what the best way to go about the job market here. I’d love to explore some MNCs, open to wfh as well.

like

Hi
What should be ctc for a data engineer with 5 years experience in hpe.

Looks like they are giving me a lowball offer considering my current pay.

I currently live in NYC and my lease is up in October. I’m thinking about moving my stuff back to my parents (decently close to the city) and finding a studio somewhere with decent weather through January. Any recommendations on short term furnished rentals and any recs on an ideal location? Looking to stay in the US given corona and somewhere where I can run / bike in the colder months.

like

Hi Guys,
Can someone refer me in JPMC , I have 3.10 YOE in core PMO. TIA

I'm guessing most people know already but for any new 🐠, the Marriott Mega Bonus is up for registration.

like

Will SPG Green Choice award of 500 points also triple to 1,500/night under the consolidated reward system? Couldn’t find anything in the Marriott marketing materials

like

Hello everyone currently i am working with TCS i have also visited onsite from this working since 2018 overall i have 5+ years experience with very less package i dont see any growth in package. i have experience into customer support technical support identity and access management resource management timesheet management etc i need help to switch which company you suggest would be better with all the benefits

like

Guys what is an LTI retainer working model.How is it different from full time employment?

like

What is the *prime* amount of money to bring you happiness?

like

Hi fishes

My package is 25.5 LPA fixed. Can someone suggest which tax regime would be better for me. As of now I do not have a home loan to claim tax benefit.
Also what could be the in hand salary in my case.
PF deduction : 153000

like

Does anyone have a good term paper topic for seniors? It needs to be persuasive/argumentative in nature.

likehelpful

What's the ACD salary range in Chicago? Same for in-house?

like

Anyone have feedback on in house attorney positions with Mercury Insurance?

like

Additional Posts in Personal Finance Bowl

Hi! I maxed out my Roth IRA this year.. recently changed jobs and it looks like I may just cross the income limit. What should I do?

I know my contribution but not sure of the dividend earned against this year's contributions. I have had the Roth for a few years now.

like

For those of you that currently pay 30% of gross income towards rent, do you still have money to save? I’m moving to NYC and am used to paying only 15%. Pay is now 125k base so I’m looking for apartments around 2800-3k

like

What are your thoughts on buying a house now and refinancing later? (Hopefully when interest rates are lower)

like

Live in a HCOL area. Looking to buy in the next year. The least I can afford to buy would put a mortgage at 40% of my monthly take home pay (post tax + max out 401k) but 25% of gross income. Will 40% of take home pay make me house poor?

like

Hi - AMEX sign up bonus is higher than ever. DM me if you would like a referral link, I’ll split my bonus with you as well :)

24 yr old, 110k TC, maxing out Roth IRA and Roth 401k, no debt or large expenses. Also have ~35k sitting in a bank account. What should I do with that money?? Am I better just sitting on it for a while then watching it shrivel up in my brokerage account?

like

What’s a good baseline amount to keep in a checking account? I generally keep mine pretty low <1000 after paying CCs then dump the rest in savings. As I’m building a rainy day fund and then I will start contributing my brokerage account.

For reference <1 year experience at $4500/month (after taxes and 401k contribution)

like

Anyone here have any information on where to invest your money apart from the firm's 401k match? New to investing and wanted to know where do other people invest since most of them wouldn't be investing in stocks directly.

like

Seeking feedback on GAP insurance. I had a family member who purchased a car in June or July. They were in an accident last week and it sounds like the car will be declared a total loss. Never dealt with this before, so wanted to ask if anyone has ever had an instance where the insurance didn't cover the outstanding balance of the loan and the insured then owed money? Car was $35k, $7k down, finance $28k. Gap insurance is through lender, not auto insurer.

I make 135k gross/year & am looking at apartments in a tier 2 city. 2k for a 1 bedroom or 3k for a 2 bedroom? I’ll be working from home and living by myself & a pup. The hesitancy is 3k is basically one of my paychecks after taxes. I live frugally otherwise with the exception of eating at a nice restaurant once a week. Is a two bedroom worth it?

like

Best ETF to invest in? I’m 24 looking to invest about $50k and don’t know where to put it. Nothing that’s super high cost or risky please

like

Have an acquaintance who is a single mom; she purchased a used car 3 mos ago. Six wks later her 17yo wrecked it, air bags deployed, and estimates have ranged between $10-$18k in needed repairs while $21k is still owed. Acquaintance was switching insurance policies and flubbed the coverage dates and there were a few days where the vehicle was uninsured. No GAP insurance. I'm not seeing many options for her besides to continue pmts, fixing just enough to drive or voluntary repo. Thoughts?

like

I spent the last 3 months "growing up" & now I'm ready to go. 1st thing is for me to get my own place. I'd like to buy instead of rent because I don't want to pay someone else's mortgage.

I'm thinking of selling my car & cash out some of my 401k to buy a house. My thought is to put down 3.5% for a FHA loan then make a big payment towards the principal to reduce long-term interest.

Anything wrong with this thinking or anything else I should consider?

Invest in roth 401k or traditional 401k and save the difference for a house downpayment?

like

Recommendations for a good auto lender in NJ area? Looking to buy/lease a car

like

What's the best 529plan? Heard Vanguard Nevada plan is popular due to low fee, or NY state one gives tax benefits upto $10k (but not sure if it matters for NJ residents working in NYC). What's the criteria for deciding 529?

like

Paid off my account debt!

like

What’s up with people talking about withdrawing from retirement due to CARES Act and investing elsewhere?

like

Under contract for nearly 1.1M. Wife and I are at HHI $315k. Will go up in the future, $400k in 3 years and $500k possible in 5-7 years. We have $300k in non-retirement funds, $260k of which will go towards acquiring the house. We have 2 kids and will probably reduce (not maxing) retirement accounts next 18 months to do this. Anyone have any thoughts or feedback? We’ll have to live on a budget and watch but I feel we’ll get used to it and income will grow.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal