Reply to Buying home - What can we afford with our current savings and salary?

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[quote=Anonymous][quote=Anonymous]You could get a really nice townhouse for less than $600,000.  In fact, if I were you, I wouldn't take out a mortgage for more than $300,000 based on your salary (and that is on the high side).  If you use $150,000 from your savings, it will give you about $450,000 to buy a place with.  You could buy a nice townhouse.

I keep my cash in a capital one savings account, which makes $0.75%. It's pathetic, but better than a regular savings account. [/quote]

+1 good advice.  OP we are in a similar financial situation (minus the large down payment), and took out a 300K mortgage on my salary alone (DH had also been in small business less than 2 years).  We are able to comfortably pay our mortgage, meet our monthly expenses, and save.  I didn't go for a townhouse though, as I didn't want to be stuck with association fees.  You can still get a modest SFH in the area for 300-450K, you just have to do your research and be willing to sacrifice size for convenience and affordability.[/quote]

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