Pls come in if your HHI is 350-400K

[Anonymous]

If your HHI is 350-400k, how expensive is your house (roughly)? Just ballpark list price please. We are going to talk to a lender, and I know MANY factors affect this (debt, down payment, etc.) but in the interim I am looking for some "informal" research regarding what our approximate price range will be given our HHI (between 350-400). Thanks!

[Anonymous]

900K

[Anonymous]

$800K primary in the city.

$300K cottage on the bay.

Don't spend money just to spend it.

[Anonymous]

750K (what it would sell for now.) We bought it for 500K when we made about 250K.

[Anonymous]

1.3M

[Anonymous]

1M primary house
400 K beach house

[Anonymous]

OP, wouldn't you get better information if you asked people what is their mortgage payment? Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.

[Anonymous]

Anonymous wrote:OP, wouldn't you get better information if you asked people what is their mortgage payment? Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.

No, I'm specifically interested in list price. What prices should we be looking at? 500K mortgage would be misleading and would tell me to look at houses in the 500K list price range. Significantly less than I can probably afford. Sounds like, from answers thus far, that between 700-1M is our range. I'd love to hear more responses though.

[Anonymous]

Why don't you play with the calculators on the Mortgage Professor's website? That's a lot more sensible than having a lender tell you how much mortgage you can handle - the answer will be the max btw.

[Anonymous]

Anonymous wrote:OP, wouldn't you get better information if you asked people what is their mortgage payment? Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.

This is a really good point. I'll start.

$3000/month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, wouldn't you get better information if you asked people what is their mortgage payment? Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.

No, I'm specifically interested in list price. What prices should we be looking at? 500K mortgage would be misleading and would tell me to look at houses in the 500K list price range. Significantly less than I can probably afford. Sounds like, from answers thus far, that between 700-1M is our range. I'd love to hear more responses though.

You're missing the point. If you have $600K to put down, you should be looking at different listings than if you have $100K to put down. The PPS is right, you're asking the wrong question.

[Anonymous]

560k

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, wouldn't you get better information if you asked people what is their mortgage payment? Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.

No, I'm specifically interested in list price. What prices should we be looking at? 500K mortgage would be misleading and would tell me to look at houses in the 500K list price range. Significantly less than I can probably afford. Sounds like, from answers thus far, that between 700-1M is our range. I'd love to hear more responses though.

Not really. If you have a $1M downpayment, go ahead and buy a $2M house with that income. What you want to think about is not how much the house costs, but what is a comfortable mortgage to carry with that income. The price of the house will be whatever you can afford with $X downpayment and $X monthly payment.

A good rule of thumb is to make sure that your monthly payment is about 1/3 of your monthly take home pay. We do this and it allows us to have a lot of extra cash for other things/savings left per month. If you want/need less extra, then up the mortgage that you take. Never go above 1/2 of your monthly income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, wouldn't you get better information if you asked people what is their mortgage payment? Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.

No, I'm specifically interested in list price. What prices should we be looking at? 500K mortgage would be misleading and would tell me to look at houses in the 500K list price range. Significantly less than I can probably afford. Sounds like, from answers thus far, that between 700-1M is our range. I'd love to hear more responses though.

Fair enough, but I guess my point was that by only asking for the list price, you could get an inflated sense of what you can afford, because you have no idea what people put down.

[Anonymous]

$1,325,000 in NWDC.