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Reply to "Sell both of my properties, or ride it out?"
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[quote=Anonymous]What kind of other debt do you have? You should be fine on $260K with a PITI of $4700. That is many, many people's normal (even without free child care in the mix!) You want to ensure that your housing costs are less than 28% of your pre-tax income and your overall debt payments are less than 36%. So for you, that's less than $6066/month for housing and less than $7800/month overall for debt. (So if you have very high loans from law school, you may need to bump the housing cost down to stay under $7800/month, for instance.) In your shoes I would also peel out the $400/month that is the difference between your parents' rent and the PITI on that house--I'd consider that part of your child care costs, not part of your housing costs. Now, you might well prefer to save more than you're currently saving in exchange for a longer commute by moving farther out. But that's a different question (and one that people grapple with at all income levels).[/quote]
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