Reply to First Post -- How much house ($$$) can we afford??

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[quote=Anonymous]As others have said, don’t buy before your GF has a job lined up and her income is definite.

That said, we bought a 375K house on a salary that was roughly 150K, only 5% down so roughly a 358K mortgage. We currently earn about 190K. We were told that each 100K that you borrow amounts to about $660 in payments (give or take - varies based on specific interest rate, local taxes, etc - but a reasonable rule of thumb). On our current salary, we could comfortably afford to spend another $1300 on our mortgage had we borrowed 200K more than we did. Buuuut, you really have to consider your big picture finances. Although we do have student loans and are paying $1100/month on them, we don’t pay for daycare, have a car note, or carry any consumer debt. Basically, we haven’t pre-committed/pre-spent significant chunks of our income every month, which is what would have enabled us to spend more on a house. If you have any of those types of set expenses/debt, you’ve already decided how to spend your money, and I wouldn’t recommend stretching to buy a 500k+ home.[/quote]

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