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Can I get a commercial loan without 25% down?
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I am at 350k annual and pay $8400 mortgage /tax.
You’d be screwed if one of you lost your jobs…this seems like a bad idea
Feels high if you’re maxing out your retirement accounts that would be close to 45-50% your take home. Do you have any other debts?
Is it net of property taxes? Sounds high but who gives a damn. In this market, you can't get a house that you like cuz all others will put in their bid likewise. Go for it.
No other debt. Have an emergency fund which would cover this plus living expenses (food, etc) for 1 year we plan not to touch.
Subject Expert
Is it reasonable? Not in my book. Is it doable? Sure. But you’d probably be pretty house poor for awhile.
Have you explored buying down points at all? Can you put more money down to get a better rate? If you expect rates to drop (which I think everybody does), could you take on an ARM to get a better rate?
Subject Expert
I’d try to stick closer to $6k to $6.5k. Keep in mind that taxes tend to go up, and depending on the age of the property, you should plan to spend 5% to 10% of the purchase price in annual maintenance. That probably doesn’t scale to more expensive properties, but it’s an indicator that the mortgage and taxes aren’t the only thing to account for.
It’s doable if they plan is to never have kids. Kids suck up the money so fast…..
Does that include insurance and HOA if applicable? If so, you're probably good. That's about 26% of gross (excluding bonus). The personal finance rule of thumb is max 25%.
Me personally, I like to be around 20-22% of gross.
Easy
Where is the property? (metro area) and where are you in your career path?
Outside DC and expect to make partner in 3ish years
Another key parameter to make informed decision, what is the monthly rent of a similar property in that community? you need to do some homework to find tue rent $$$.
Under this scenario (DC metro area and on track to partnership), I believe you will be good in the long term. Partner here, year 6 and used to live in Vienna until 2020.
Not reasonable
Nothing over $6k
I have an 8700/month mortgage on a $320k salary. It’s doable. But need to have all your other finances in order.