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Reply to "Have 250K for downpayment, HHI~110K, how high would you feel comfortable going up?"
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[quote=Anonymous][quote=Anonymous]I care nothing about sales price. I only care about monthly PITI. I assume you are on one income? So 110,000-18,000 (401K)- $4,800 (health insurance)=87,200 taxable income 15% taxes= $74,120 annual net income $6,176 in monthly net income I would not take on a mortgage (inclusive of PITI) of more than 30% of net income. MAX PITI $1,853. I would also keep 8 months FULL living expenses in the bank ($49,408) for emergencies I would then keep $10,000 aside for emergency home repairs. (Optional-huge opportunity to beef up kids college funds if needed) So regardless, I’d set aside a total of 60K in cash and then buy any priced house, be it $1,000,000 or $200,000, as long as my PITI is at $1800. I'd adjust the down payment accordingly. [/quote] Not the OP but very interesting calculation nonetheless, thank you [/quote]
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