What is the maximum monthly mortgage payment you would feel comfortable with on $250k HHI, combined $125k 401k, $150k liquid savings? We have paid off cars with low mileage but $1.6k / mo in student loans amd spend another $1.2k / mo on daycare. Both in early 30s.

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

$2500

funnyhelpful

The general rule is to try and cap it at 28% of gross monthly income.

likehelpful

- monthly gross of 21k = monthly take home around 12,500?
- don’t want recurring payments to be more than about 50% = 6250
- less loans and daycare, and utilities (400?) = 3050

I’d try to keep it under 3k

likehelpful

^this. I would spend ~100k in your liquid savings on down-payment

This bowl is so insanely conservative lol

like

I love that about this bowl! I find myself trusting - more often - the financial advice on here where I would otherwise always be hyper skeptical.

Zero, I wouldn’t finance a primary residence right now. It’s about 50% cheaper in most markets to rent. Meanwhile S&P 500 is paying 27%. Long term it makes sense to lock in an affordable payment. If you can save 150k you can probably save 300k and get a modest place in a couple years and skip giving the bank 500k in interest. That 500k in interest you didn’t give the bank is tacked on to your net worth. Your future self with thank you when it’s collecting 27% interest and doubling every 5-7 years.

Maybe, house builders are still going strong. If they lock up that inventory we’ll have to build our way out. I happened to already own land so building still makes sense. A 1700 sqft home is costing about 250k to build. Why would I compete over a 600k house that needs a complete remodel? Another country where I buy real estate new builds are heavily favored. They create this incentive to build new through some grant that goes to like teachers, hospital workers, government. Contractors can’t build fast enough. Buyers usually pay cash, grant and 100% own their home.

Related Posts

I’m in Dallas and have been renting for 5 years. I don’t have any savings, but have about 30k in my 401k. Im thinking about leveraging that to buy a condo/or house. Is that a good idea or am I in over my head? I mostly want to, because I’m tired of renting and I’ve read reports that prices will only continue to go up. Although, I will have to pay back the 401k + pay rent, so maybe not a good idea. Advice/resources would be helpful.

like

Does anyone have any book recommendations for information on buying a house?

like

Got 150k saved up, can I buy anything worthy with this as a down payment at the moment?

like

Thoughts on dipping into the condo market? Was thinking of waiting till March but don't think prices will drop that drastically and will be ok long term...

like

If I JUST got my Uber Visa card, before they announced all of the changes in their rewards/cashback system, is it worth it to close the credit card?

like

All my investment is in real estate - 1 primary and 2 rental. Total 3.7 M value and 1.7 mortgage pending. About 400k in cash. I’ve 0 RRSP. Is my investment strategy terrible?

like

I am joining JPM as a VP. Which brokerage accounts are permitted at JP for personal trading?

like

The Dow is an easier read. We broke the intermediate short down here at the lows. The dip into new lows serves as a sling shot to take the market higher. Dow HWB long is 25221, down from the close of 25398. Use this weakness to load up for a massive rally that should take us back to the 26300 level for the longer term HWB short.

Post Photo

I'd like to buy, but the market is absolutely atrocious currently

like
like

What credit card do you use?

like

What’s the best credit card for points in the UK. I’m from the US and have the Chase Sapphire Reserve and the Marriott Amex

like

What's the best city in UK to buy a buy to let property, with best returns?

like

Question for the group: How to trade stagflation? Shorts and commodities / precious metals only get you so far.

like

Is anyone changing their retirement plans based on COVID-19 realities and the future of work.

like

Hi guys,

I got my full and final settlement today but I can see no tax deduction. Does anyone know the reason. 4k tax used to be deducted every month till now. I also got gratuity and leave encashment along

like

Can one become financially stable after being discharged from the military?

like

How does the housing market work exactly, like, what determines whether prices go up or down?

like

IMO It’s only a matter of time that Cuomo closes the entire NYSE. If you are holding short term options, consider the risk.

like

Has anyone successfully claimed that income from a NY big law firm is not NY income based on TSB-M-06(5)I (May 15, 2006)? I think that my situation meets all the factors necessary. I am going to claim that the income should be sourced from Texas—I worked out of the Houston office from time to time while there. I was in Texas for more than half the year.

like

More Posts

What does “Digital Transformation” really mean

likefunny

Stress really does trickle down .. my manager is getting annoying 🙄 and now I’m getting stressed 🙄

like

Looking to move to SG from US for personal reasons. Does anyone have a headhunter that they’d recommend? Experience in consulting and HF. Thanks

Series A crypto start up hiring a sales account executive in SG. 5ish years experience. You will be leading the region. Targeting financial institutions. DM if you’re interested! Happy to chat about the company.

like

Why do recruiters never tell you which agency they want to talk to you about until they get you on the phone? I don’t want to waste anyone’s time and it would be helpful to know this info from the initial outreach. My experience with this only applies to healthcare, but would imagine it’s the same in consumer as well. Anyone?

like

Pizza recs for NY style pizza? Aware of antico’s & felini’s (not biggest fan) but looking to explore

like

What is BIS & Gaming - Practice Gaming project in Nagarro. Thanks in advance for any lead.
#nagarro

like

How is Christmas like your job? You do all the work but some fat guy in a suit takes all the credit.

like

Hello All, what is the difference in Data Scientist and ML engineer positions at Tiger Analytics. TIA.

like

Best shows you are binging or have binged? I just finished a cruel summer 🤩

like

I like to pursue in the data science field. I have business Analyst experience but to switch to data science field could you guide me on what should I learn? Where should I start?

like

Got a verbal offer from a big 4 a month ago, discussed salary expectations 3 weeks ago, still no offer letter. Firm has to let me know it should be coming soon. Are these normal timelines?

like

What’s is your favorite fast food chain and why? There is so many I don’t know which one to choose. Thank you.

like

Hello, salary of 4 years xp for a business a analyst support in paris please

When does the appraisal happen ?? Lumos and appraisal both the same ?

What's the best city in UK to buy a buy to let property, with best returns?

like

Can get 11 likes to start direct conversation with others

like

Curious how much a Project Developer makes at EDP Renewables or any competitors🤔

like

Additional Posts in The Real Estate Bowl

(1/2) People who work in the Bay Arae peninsula (Menlo Park) and live in the east bay- which is a good place to buy a house, upcoming, easy to rent or Airbnb in case I have to move back to my country! Prefer single family home as young as possible.
1- brentwood
2- Pleasanton
3- Dublin (expensive)
4- San Ramon (very expensive)
5- what else?

like

If anyone has problems with leaks or anything facade related I work in facade restoration, preservation, rehabilitation, retrofitting in NYC. I’d be happy to discuss potential solutions.

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

Has anyone used Loan Cabin to refinance? They seem to have the best rates.

like

I share my first property with a family member which is my primary home. If I buy a second property (and keep the first property) and live there, does that second property now qualify as my primary home?

like

How long did it take you to buy your first million dollar home? What were the steps you took to get there?

My dream neighborhood is 10 min down the road but entry point is 1.2m. Currently my house is worth around $550k

like

Any one knows what’s the easiest way to order a radon test for new construction?

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

For those w investment property, how many of you self manage vs using property manager? This is my first condo, relative new build from 2018 and a family friend jus moved out. I would have self managed but am scared about squatting/evictions esp w Covid and the rent memorandums. Thinking of jus getting the property manager as I am new to this... Advice appreciated.

like

If I’m a Real Estate Agent buying my own property, can I negotiate the Buyers Agent commission to be 0% instead of being paid the buyers commission? Essentially converting what would be Income into Cost Savings for tax purposes?

like

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

How did you get started with your personal investing in stocks? I am 26, F, have some money in savings, 401k, stocks and just started my own business albeit small. I’m extremely interested in real estate investing have been reading and listening to podcasts. Any advice?

like

Thoughts on buying pre-construction homes in markets that are popping and flipping selling them when construction is complete?

My uncle does this (he’s a realtor) and usually gets 2-3x return. Obviously there is huge risk because property prices can change a lot in 1-2 years, but at the same time the upside is hard to ignore.

Anyway I protect myself against the downside risk? (other than loosing my down payment)

like

Any Property Management recs in Seattle area? :(

like

Help needed: No idea where to look or how start housing search. Household income (myself + wife, no kids...perhaps in 3-5 years) is $250k pretax and we are moving to Indianapolis (so looking at Zionsville, Carmel, Fishers area). Any idea how much house we can afford? Good resources to conduct the search? Any help appreciated.

like

Is it okay to buy a home worth 660K for a couple earning 325K TC together? The HOA and taxes for this home bring the monthly payment up to ~4.8K which is ~32% of our monthly take home after tax…we’re first time home buyers, any advise is appreciated!

like

Anyone punched out of state 4-10 unit apt building? How did you find the listing?

like

Can I get a commercial loan without 25% down?

like

How much should I invest in buying a HOME as my primary residence.

Current TC: 200k
Net worth: 300k, readily available 170k in stocks, hysa and cash
Current rent: 2000 per month
Age: 30

Wonder if anyone has any excel model or a rule to determine how much I can afford or should go for?

like

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal