{ "media_type": "text", "post_content": "Is 450k mortgage too much for house hold income of 250k ( bonus not included)? No other debts.", "post_id": "5dc979a745b8f6002ac2daa7", "reply_count": 41, "vote_count": 14, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Is 450k mortgage too much for house hold income of 250k ( bonus not included)? No other debts.

funnylikeuplifting
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Come on everyone! I make 120k and got a mortgage of 320 and was asking the same questions to everyone. I guess that for the writer it's not really about the question but about trying to figure out what to be cautious of, since it's probably their first real estate investment and a sh-load of money to borrow. @OP yes it's scary, but I guess from debt sustainability perspective you know already the answer. Get an inspector with you if you're scared and may the force be with you!

likehelpfuluplifting

So mine would be on the lower end - 120EUR is ~132USD. No I think I'm fine for European standards. Back on topic though, let's focus on mortgage sustainability and the writer's fears 😃

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If you want to be really cautious, follow Dave Ramsey’s suggestions. Keep in mind that your debt level and gross salary is not enough to determine what you can afford. It also depends on interest rate, property tax rate, etc. The guidelines are to get a 15-year mortgage and make sure that the monthly payments (incl. Taxes and insurance) are under 25% of your take-home pay. Also, make sure you have 3-6months of expenses, put away in an emergency savings find.

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You make $250k a year pre-bonus and can’t figure out that you can afford a $450k mortgage? I don’t buy it. You’re flexing in one of the more boring ways I’ve seen on here

likefunnyupliftingsmart

"I can't afford an accountant to help me figure this out... lemme ask fishbowl"

No.

likehelpful

Weird flex, but ok.

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Boring one

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What’s up with all these jokers ? You work for PwC. I imagine you deal with numbers. Go do the math.

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I’ll bite and say it depends on lifestyle. There was a thread in another bowl recently where OP was worried they wouldn’t be able to survive on their 300K household income, because they were expecting a second child and the daycare costs that would come with it. How much do you spend a month? How good of a saver are you? And what do you have towards a down payment?

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We decided to only buy what we could afford on one spouses salary in case one of us were to get sick or wants to leave the workforce to care for children. We have a household income of $300k earned about evenly between the two of us.

helpful

A good rule of thumb to follow is keeping your payment (principal, interest, taxes, and insurance) to 25% of your take home pay (gross income/salary less taxes but before 401k contributions or medical benefits). That way it still allows you to invest and build wealth without being house poor.

likesmart

Ha ha. Yeah I think you will find it very tough. Please write a detailed blog entry about your plight, then immediately delete it.

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Buy what you can afford to pay off in 15 years. 30 year notes are a waste of a lot of money compared to 15. Personally my mortgage payment is 17% of my gross income. I live a humble life and drive 15 year old vehicles that I fix myself. Everyone has different priorities. 450k is a dump in some cities. 450k is a small mansion in some places. You do you but don't over extend yourself.

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.....And we are in couple in mid 20’s (continued post)

likefunny

I qualify for $1.39M and my salary is about half of yours The real question is, what do you feel comfortable paying?

likefunny

I just figure we're heading for another housing crash if banks are throwing around offers like this 🤣 So I've got my cash just waiting for the moment to strike 🤣

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Not at all

funny

I heard to play it safe, you should only buy off one salary.

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That is plenty. 250k for a mortgage of 450k? It is not even 2x.

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Is 450k too much mortgage for a single income of $140k (bonus barely existent)? No other debts.

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