My wife and I are saving $6500 a month after all expenses. Is it safe to take on a monthly mortgage of $3650? After insurance, taxes and PMI, the total due per month is around $4850 pre-utilities.

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

Your total year savings are $78k a year? That’s more than my post-tax take home per year. What is your combined annual salaries as a Senior Associate and a Consultant?

This isn’t adding up, unless you’re living rent-free, eating ham and cheese sandwiches for every meal, and have no hobbies other than staring at each other in an empty room.

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How......

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If one of you guys lose your job, can you still afford all that? if the answer is NO then rethink your plans.

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If you are asking on this platform for an opinion, you shouldn’t buy a house. PMI; seriously?

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I lol'd at the PMI budget as well

I could use an extra 2k a month. A much better investment than a home, I promise

funny

? - I don’t get the hate for PMI. Pay .6% of loan value in extra interest, which is still near historic loan for all-in interest, in order to get into a home appreciating at 3-4% per year, seems like an easy choose. Why let my $X sit in a liquid bank account making less than 2% a year while I save up to a 20% down payment on a property appreciating double that? Additionally, a FHA loan can have a .25 lower rate than conventional so even adding in MIP you are only paying .35 above market. I’m genuinely curious the reasons for your responses.

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I put 3.5% down on a $660k starter house in mid 2015 inside the DC beltway. We did a zero closing cost refi in late 2017. House appraised for $740k, we paid $25k in cash to buy down principal, and were out of PMI. So I got $80k in equity for paying $9k in PMI over those 30 months, lol right? I’d still be saving to put down that initial 20% four years later for the same house if I lol’ed about PMI. Include the fact that our interest, taxes and PMI totaled was less than what we were paying to rent a 1 bedroom apartment a mile down the road and it made it an even easier decision. Don’t forget two of those three are tax deductible and our average tax rate in 2017 was lower than it was in 2014 despite making $50k more. Lol

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Additional data points:
1) We’re both expecting a raise and bonus this coming September.
2) We’re both expecting to get promoted next year (SC to M, C to SC)
3) My car payment ($930 a month) will drop off in 2021.
4) No plans for kids until 2025.

I know too many people in this app who would be able to identify who I am if I reveal this. Most I can say is that it’s an above average nice car.

What’s your current total savings?

Also, how much will downpayment be? Will it come out of that total savings amount?

What’s your monthly take home combined?

Yea I wanna know how much you both make

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