What is an appropriate amount to have for an all expense mortgage (property taxes, hoa, etc)? My income is a base of 140 with a bonus of around 15k. I currently contribute 100% to 401k and Roth. This leaves my normal paycheck at around 5k a month. I have about 200k towards a down payment. I want to get a place I won’t want to leave in a few years so I’m thinking of getting something more than a starter home but don’t want to be living paycheck to paycheck

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

May help to include where you live for COL

like

Currently in nyc but I am looking towards Jersey suburbs or Long Island suburbs...so of course the most expensive area

How about your emergency funds after you put down your down payment?

like

Let’s get married 😬🤗

funny

Eyeballing it, I would guess max home price of $700k if you don't own a car and are debt free. Maybe a touch more if you're comfortable with that. Incidentally we're in about the same financial situation - you're slightly ahead and I'm guessing, younger.

like

Total payment should be no more than 25-30% of net monthly pay.

*gross (ie pretax). Most lenders use 28% of gross income for mortgage payment and 36% for total debt. These are max limits although not all institutions adhere to this. 25% post-tax is conservative but may be better for folks with other outstanding debt (eg student loans)

like

I would not borrow more than 250k, if I were you.

Do not become a slave to your mortgage payment ... it should not become a sword that hangs over your head.

like

How much is your current rent? One way to look at is that you can do 150k down payment and take mortgage (plus Taxes, HOA, Insurance etc) equivalent of your rent amount. Remember that you will need to increase your emergency fund amount as homeowner vs renter.

Current rent is 1350

Related Posts

like

How is fujistu wrt to culture and other benefits?

like

28LPA CTC In Chennai vs 233000 MYR in Malaysia? Assuming I rent in both the cities. Family of 3 . Child is 1 year.
Aim is to save maximum money. Which is better.?

like

Is it common to have renters insurance or do most renters not have it? The questionnaire for a quote is super detailed...

Anyone use robo-advisors for investing? Trying to see if there are any that offer trade by trade consent due to independence requirements. Also not sure if they are worth the fee they charge.

like

If your entire portfolio is less than 100k. It doesn't make sense to spend too much time following your investments. Buy some LT holds and work on making more money so that you are adding 100k in cash flow to investments every year. At some point your investments get big enough that an extra 10-20% is HUGE but until then your main worry should be your salary as it's the easiest thing to increase through doing well at work or doing side jobs.

like
like

A bit late but want to start a LT & small position in clean/solar stocks... would like to choose 2 to start. Deciding between ENPH, PLUG, FSLR, TAN, ICLN and NEE, BEP for less risky. Thoughts?

likehelpful

Does Chase Bank exchange USD for Russian Rubles?

like

What is the scope after MS in Pharmaceutical/ health care management in USA. I am a pharmacy graduate and have been working as a quality control analyst in lab, I wish to switch my department and am looking for MBA-Pharmaceutical management or MS in healthcare management in USA. what is the scope of these fields in the states.

like

Would love advice. Partner and I are spending about 125k/yr total together (all in, incl rent, health, gifts, travel, etc). Mid 30s. No kids but will in next couple years. No debt. Total income between us of 350k. High cost of living/high taxes. So total we save about 80k/yr. I’m glad we’re saving but I feel 125k is too high in these years where we should we saving for kids, future needs etc. I know theres tons of personal considerations in here so not looking for “is this too much or not” cont

like

Hi! How much bonus does Internal audit get in banking? First year of my year end review in internal audit so I have no clue what to expect..

like

I have about $45k cash on hand. Job looks pretty safe but I want a fall back in the event of job loss and / or recession. I have student loans of about that same amount on pause but at an 8% interest rate once they start up again.
What should I be doing with it?

like

Apple credit card. I’m torn. I want it out of my love for Apple but the rewards aren’t worth it...

likehelpful

Has anyone ever heard of a recruiter called Toney Healthcare Consulting? I have a job offer from them but I need to know if they are legit.

like

Any good cards outside of CSR and AMEX Platinum?

like

Anyone from McKinsey & Company willing to hook up a referral? Looking at a healthcare implementation role.

like

What’s expected bonus (% of annual CTC) for VPs (Non IT and IT) this year in JPMorgan Chase London considering market conditions and attrition within the firm?

like

Does IQVIA provide car lease and allowance as non taxable? What are the allowances?IQVIA

like

Is it okay to have a property up for sale and rent at the same time? Is this a good idea?

like

More Posts

Are you a single space or double space after the end of a sentence? I used to be single but double now just feels so much better...

like
like

Hi Guys need your suggestion, I am earning 32LPA(CTC) in India , planning to take PR for Canada through consultancy or self is it worth moving to Canada ?
What are the pros and cons ?

YOE -8.5
Tech -- Cybersecurity

Tata Consultancy Cognizant Accenture Infosys EY

like

Hey uh.. can you guys go to the ‘Opinions about Agencies/Firms/Companies’ bowl and give some opinions about Agencies/Firms & Companies? We’re trying to apply for jobs over here! K thxxx 🤗

like

Looking for a new gig. So I go direct to agencies or through a recruiter? Any and all advice on how to make the jump is welcome.

like

I am a recent graduate working as a software engineer. Currently working as a UI developer with tech stack- Vue JS. I would like to know how to improve my career and what all I should be learning to keep up with the latest trend . I am in a doubt whether to start preparing for backend roles as they are more in need and seems quite interesting too seeing all the tech stacks they use and their tools . Please guide me based on your experiences.

like

I have an H1B which is due for extension in a year. I am planning to quit my job to go to India and come back in 3 years. I learnt that the H1B clock gets paused when you stop working in the US. However, where does my H1B live in the meanwhile? With my current employer? USCIS?

When I come back and find a job, from where do I get my H1B transferred to my new employer?

Any help appreciated.

like

What do you think is the actual income ceiling for software engineering, broadly? I'm genuinely curious and don't even know what's possible

likeuplifting

Good Indian restaurant recommendations in northwest Chicago?

like

Hi anyone can help me with referal.
Angular +.net

like

Hi Are there any google cloud TAMs who can chime in on salary range? Thanks!

likeuplifting

Recommendations for a good storage facility in Chicago to store furniture short term?

like

Has anyone worked for a CA firm while living in CA, then continue to work for that firm remote? I am inquiring re: the tax implications and if CA will still try/be able to collect taxes even when my address, etc. changes. Thanks!

like

Anybody have any statistics on how well web sites work when each primary page has “long scroll” with 4 or 5 other pages that follow?

like

Hi Fishes

I am looking for people who like to go on trips/trekking. Anyone who is a wanderer like me, can connect. Lets build a community!

like

What do we think of Annex88?

like

Whether there is any external certification or higher studies will be offered by Atos for experienced professionals...Domain SAP

like
like

Hello! Posting to hopefully unlock my DMs and find a new opportunity! Looking for a work from home position, have experience as a business analyst and ux design/research. Currently working as a Referral Coordinator in the Medical field. Thank you!

Post Photo
like

How are MBB’s public sector practices considered relative to their commercial sectors? Is there a comp difference between them and MBB commercial sector groups?

like

Additional Posts in The Real Estate Bowl

I’m looking to purchase a home. I have enough for 20% down and I qualify for a traditional mortgage but my dad suggested he lend me the full cash to make the sale that way I have more negotiating room and can close faster. Then once I close I can refinance it and keep 20% in the house and pay my dad back for the 20%. Is there a downside to this? Will it get messy?

like

I won my case against my HOA board! YAYYY I learned my HOA Board President is full of crap

likeupliftingfunny

Anyone invested in Portugal and took advantage of the golden visa?? Please share your thoughts around the process of finding and buying property there, and if you did the golden visa process share that experience as well if applicable. Thank you 🙏

like

Looking for a broker to sell a small retail business in the Chicago suburbs. Where does one start? Any referrals?

like

First time home buyer - I am currently in attorney review phase and don't know what are the important things I should ask while working with the attorney. Also what all is covered by attorney and what is generally considered as standard fees? location- NJ. Any leads will be appreciated

likehelpful

Recommendations for good CPAs for rental property? Currently have 1 in PA but trying to grow and buy more in other states . I also have an unrelated business I'm trying to start (LLC). I'm located in NYC but open to a non-local CPA.

like

Do Plumbers generally charge a fee just to come look at the problem and provide an estimate? I called a couple of plumbers and they are asking for a 50$ or 75$ fee just to be at the door and give an estimate, the fee will be adjusted if I give them the job.

like

I have so many things that I want in a house. Open layout, high ceiling, nice view from the backyard, prestigious neighborhood… one thing that I surprised myself with is that I want a house in a prestigious neighborhood, even though what I can afford is the entry-point price in this neighborhood. Am I being irrational?

likefunny

Thinking of a career change from law to real estate. Very beginning stages of this idea. Any advice or warnings?

like

Purchased a new home. Keeping my current for a rental property Long term rental vs Short term rental, thoughts?

like

I am looking to purchase my first investment property. What is the downside to acquiring foreclosure properties, either to hold make minor improvements and sell?

like

Is there a certain process with your loan once you are done house hacking for the year? Does your rate change? About to finish my year Primary home restriction and want to move on to my next one. Any thoughts?

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

New landlord question - I reached out to new tenant to do intro and send them important info about moving in and payment set up etc. It has been 24 hours and crickets. Is it too soon to follow up? Should I call them?

like