Knowing your salary isn’t all that helpful if we don’t know how much you have saved or how much you set aside each paycheck for 401k, HSA, car payments, etc
Start by figuring out how much you have to put down and how much of a monthly payment you can afford and use that to help figure it out. Also consider if you want a 30yr or 15yr mortgage.
Also in Denver - you’ll be good. Our taxes are low enough here that $800k will be comfortable if you have no other debt. Things are sitting for much longer now - you may be able to get a deal. Good luck and let me know if you need a realtor - we were very happy with ours when we were first time buyers.
Makes sense. Feel like we could make it work but don’t know if we want to go to that price point with it being our first home and not planning on having kids in the next few years.
General rule of thumb is 3x annual income, so that puts you at 990k, so more than enough wiggle room at 800k assuming you both continue to work and stay at that income level or higher.
You’re fine
Yeah PITI would out to about $4100-$4300 if putting 20% down
Knowing your salary isn’t all that helpful if we don’t know how much you have saved or how much you set aside each paycheck for 401k, HSA, car payments, etc
Start by figuring out how much you have to put down and how much of a monthly payment you can afford and use that to help figure it out. Also consider if you want a 30yr or 15yr mortgage.
You definitely want to put 20% down to avoid PMI and get a lower interest rate.
Also in Denver - you’ll be good. Our taxes are low enough here that $800k will be comfortable if you have no other debt. Things are sitting for much longer now - you may be able to get a deal. Good luck and let me know if you need a realtor - we were very happy with ours when we were first time buyers.
Thank you! Will probably be looking in January/February time frame but will keep this in mind.
Subject Expert
You could do $1M.
Makes sense. Feel like we could make it work but don’t know if we want to go to that price point with it being our first home and not planning on having kids in the next few years.
General rule of thumb is 3x annual income, so that puts you at 990k, so more than enough wiggle room at 800k assuming you both continue to work and stay at that income level or higher.
Has to be gross
Buy $2M
Subject Expert
$800k easy
Subject Expert
I bought a $1.2m house with $135k HHI on an interest-only loan and was paying $2,100 a month