Is a high $3000s mortgage too high on a $150k base? Assuming bonus will be near 100% of base

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Use the 40x rule as a very rough rule of thumb - this gives you 3750/month (for mortgage/common charges) based on 150k. It’s technically possible to do but not advisable. Consider waiting an extra year if you can, and put your bonus toward a larger down payment

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I think you’ll be ok if you stick in IB for a while and have long term plans to stay in NYC, You’ll make 175k salary next year and 200k the year after that. One thing I’d consider is where are you gonna be in a couple years after you burn out of banking and how much do you think you’ll make? I’m at a BB and 2/3rds of my associate class left after 3 yrs. I’m gearing up to leave once I get the VP title and am expecting a giant pay cut. Am also looking to move out of NYC though.

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To clarify, high monthly payment is driven by high HOA fees

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Seems doable, but do you have other major monthly expenses?

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I would consider this low for your expected income range and comp progression.

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Think rule of thumb is to apportion 30%-50% of your net salary monthly payments for that. Assuming no other major regular outflows and assuming standard IB career/salary progression. I would also not count the bonus to be conservative - there are a lot of hidden costs buying and owning the property and it’s always better to budget more than less in the absence of large opportunity costs of doing so

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Thanks all. Good info here. Don’t love the idea of that much of my recurring income getting tied up but just trying to figure out what the norm is. Looking at condos is dangerous through

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From a qualification standpoint for typical 15/30 year fixed loans, most banks will qualify you by looking at your debt to income. Generally they don’t want to see your DSCR exceed 38% of gross. They may have some wiggle room to go up to 40%. You can calculate your debt/income situation to figure it out. 

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It is a little high. If you want to be conservative, you really shouldn’t take into account your bonus since it’s not guaranteed. Looking at your base salary, looks like about 50% of net pay would be going towards house&HOA payment. Not a great situation. Rule of thumb is about 30% of take home pay should go towards housing payment (mortgage or rent).

Are you in NYC or a similar non car city. . Do you own a car? Is this owning in a non car location. I've been paying high mortgages on the Upper West Side and without the costs of car ownership this makes the affordability calculation easier to think about.

That makes sense. I’m not in NYC. In a northeast / mid-Atlantic city where I don’t have / need a car

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It’s def an easier sell if it’s only going to be ~50% net income temporarily (ie expecting a raise or an assessment to go away). If that’s the situation for > 2 years I would reconsider

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