HHI 300k
Student loans 100k Car loan 5k 20k cash savings 150k retirement 70k equity in current home Thanks! Waiting for preapproval but just like to crowdsource! |
How old?
How likely that income will increase in the next 5 years? Children? Ages? Plan any? |
Why are you moving? |
This. I wouldn’t move until my student loans were gone. Why would you consider taking on more debt. |
35 and 36
3 children ages 7, 4, 3, baby due in July Childcare costs 1,200 a month (spouse works limited part time) Want to move because current house/yard feeling tight. Not in dc and have about 2,200 sq ft |
Your cash savings is very very low. You cannot afford to move b |
Feeling tight isn’t a good enough of a reason to take on more debt while you still have 6 figure student loans and are expecting your fourth child. You have no college savings for your kids either? I think this is the worst financial move you could make. Sit tight for 2-3 years. Throw all your extra money at the loan. Pay it off then move. I honestly don’t think you will have another chance to get your financial feet under you with 4 kids if you don’t do it now. Unless you expect a big salary increase. |
You won't have enough for a down pay. There may be some time where you own both houses. Your savings are really low and still a lot of student loans. I wouldn't move if I were you.
Remember there are selling costs associated with selling a home. You will probably need new paint and carpet to show house you are selling. So your savings will go down even further. If you want to casually look, I wouldn't spend more than 600k max. |
When we bought our house, they wanted a 50k check deposit and that wasn't even the entire down payment. |
2200sqft is plenty of space. Time for you to get rid of stuff if it feels too small. I would concentrate on eliminating the college debt, increasing your emergency fund, saving for retirement, saving for your children’s college. Selling fees and costs will eat up quite a bit of your meager house equity. |
We have about 30k 401k savings
No worries about selling our house as is with limited cost, it’s an intense sellers market where we live in a desirable school district. We have a 20k bonus coming in May that would bump up down payment. |
Actually that 4th kid is a pretty dicey financial move; we have the same number and understand why they are doing it, but own up to how it limits a lot of other options |
Not in the DC area, or just not in DC proper? What’s the value of your current home? How expensive would a home the size you need cost? I don’t think you can afford much more than you currently have. What’s your current piti? How much are you paying down debt each month? |
Agree, but child 4 is already on the way. They don’t need to move right now. Wait until the kids are older. |
. It should be used to increase your emergency fund or pay off students loans. |