How much mortgage can we afford?
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Anonymous
|
HHI - $300k
Student debt - $250k Car debt and other debt -$50k Retirement fund, IRAs and 401k balance- $170k Monthly fixed expenses: $4k |
Anonymous
| How much do you think you can afford? Are you planning to have kids? That debt is crazy high. |
Anonymous
| Do you have kids? How old are you? Do you have down payment money? In your shoes I’d probably live in a cheap rental for a couple of years and build up cash/pay down debt. |
Anonymous
| Op here- we have 2 kids under 5, no daycare costs. |
Anonymous
Op here: yes, we have 2 kids under 5 and no daycare costs. We have $100k saved as a down payment. |
Anonymous
Law school is expensive. That’s why our debt is so high. Yes, we have 2 kids under 5. |
Anonymous
| We didn’t have much debt but $300K HHI and we spent $615K on our house in 2013. We put down 25%. PITI is appx. $2700. |
Anonymous
| $500K as you need a college fund and pay off that debt. You need to reduce your expenses. |
Anonymous
Yet somehow we paid ours off in 10 years. Maybe you should get a job instead of mooching off your lawyer husband. |
Anonymous
How old are you and how much do you THINK you can afford given the stats you provided? Happy to answer your question and tell you my story if you share that info! I'm guessing I am about 10 years older than you. |
Anonymous
You need to either buy a $500K townhouse or keep renting. Your savings are abysmal. |
Anonymous
How much of the $4k goes to student debt, how much for car and how much to 401k/IRA? How much are you putting toward college costs for children? What is the “and other debt”? How is the $300k income split between each spouse? |
Anonymous
Op here: for your information, I am the wife and the lawyer, not my husband. And good for you for paying off your debt in 10 years I haven’t even been out of law school for 5 years yet. |
Anonymous
Op here: we are 33 and 36. I think $750k mortgage should be OK. Please do share. TIA! |
Anonymous
How do you think that's ok? You have $300K in debt and very little in savings. So, basically, your debt would be over a million. You also have to think about property taxes, house repairs, etc. |