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Real Estate
Reply to "How much house can we afford?"
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[quote=Anonymous] With your situation, I would probably not want a mortgage more than 700k. our HHI is 275 k-- We are looking at a 600k mortgage We, however, make 25k less, are likely older than you and neither of us made a cent until about 10 years ago, so we are behind on retirement. We also go light on college since grandparents contribute 1k/mo/kid. With an extra 25k a year, I would put it toward college and retirement and stay at a 600k mortgage but it also depends on a couple factors--will your incomes grow? is your industry stable? here's the budget I just set up for us, after maxing retirement and putting away max for fsa. mortgage, tax, insurance: 4k school: 2 k aftercare 1200 college fund 500 car insurance 200 life insurance 200 groceries 1k travel 1k eldercare 1k (we help support one parent) gas/transportation/car repairs 500 utilities 400 household expenses/budget/repairs/ 500 medical 500 clothing, bdays, dinners out, etc. 1k -------------- 14k Take home after retirement, fsa= 14k [/quote]
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