How much mortgage at 400k HHI

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI $360k with a $950k mortgage. No issues and save about $3-$4k a month

What's your PITI?

$5900

[Anonymous]

You can easily afford a million dollar mortgage on that HHI. If you have 500K to put down, then go for a 1.5 million dollar house.

[Anonymous]

Houses under 1.5m suffer from either location, schools or it's old

[Anonymous]

Anonymous wrote:Houses under 1.5m suffer from either location, schools or it's old

Who, exactly, is suffering?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rule of thumb is to buy a house that is double your HHI. We bought ours for 300k (20 years ago) at 150K HHI. It gave us enormous amount of financial freedom and fantastic SOL.

I bought a house that is 3 times my HHI and I'm still saving a lot of money.

Same here. I think other posters have raised good points about how sustainable the income is. I think at $400K you're probably going to find something that works for you that is below the max you can afford.

Ditto. SFH in many desirable areas are almost uniformly $750k+ across the metro area. You think all those people make $400k per year?

[Anonymous]

So your take home is about $15k a month? I wouldn't do more than $5500 a month.

[Anonymous]

2.5 x salary. So 1 million dollar mortgage.

[Anonymous]

Anonymous wrote:So your take home is about $15k a month? I wouldn't do more than $5500 a month.

This is really interesting. We bring home about $18k a month with rental income contributing part of that. Our total mortgage related debt is $6300. We have a nanny for one kid and one in school. We do tithe so that takes up 10 percent of our income. Maybe it's the multiple repairs on various properties but I feel things are a bit tight right now for us. Yes we max retirement and save for kids college but I wouldn't choose this amount of mortgage on this salary if I had the choice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So your take home is about $15k a month? I wouldn't do more than $5500 a month.

This is really interesting. We bring home about $18k a month with rental income contributing part of that. Our total mortgage related debt is $6300. We have a nanny for one kid and one in school. We do tithe so that takes up 10 percent of our income. Maybe it's the multiple repairs on various properties but I feel things are a bit tight right now for us. Yes we max retirement and save for kids college but I wouldn't choose this amount of mortgage on this salary if I had the choice.

Your budget is tight bc of the nanny/tithing 10 percent combo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So your take home is about $15k a month? I wouldn't do more than $5500 a month.

This is really interesting. We bring home about $18k a month with rental income contributing part of that. Our total mortgage related debt is $6300. We have a nanny for one kid and one in school. We do tithe so that takes up 10 percent of our income. Maybe it's the multiple repairs on various properties but I feel things are a bit tight right now for us. Yes we max retirement and save for kids college but I wouldn't choose this amount of mortgage on this salary if I had the choice.

Your budget is tight bc of the nanny/tithing 10 percent combo.

[Anonymous]

Our HHI ranges from 400-500k yearly. We bought a house that was 1.2M and put 20% down. We don’t feel remotely stretched and save a lot (even with two in daycare).

[Anonymous]

Anonymous wrote:Our HHI ranges from 400-500k yearly. We bought a house that was 1.2M and put 20% down. We don’t feel remotely stretched and save a lot (even with two in daycare).

How much do you bring home and how much do you save?

[Anonymous]

Anonymous wrote:I wouldn't want my total debt monthly payments to be more than 25% of my income.

+1 but 25% take home pay.

[Anonymous]

1.2M

[Anonymous]

Our income is $385K and we easily pay $5K/month in mortgage, max 2 401ks plus save another $75-100K a year.