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Reply to "How much house can we afford?"
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[quote=Anonymous]Is your HHI new? I don’t think you can afford your current house, let alone a more expensive one. Even with the $20k bonus coming, you have only $110k, max, which you won’t have because you have to pay transaction costs from the $70k equity when you sell. Conservatively you’ll lose $20k to transfer taxes and agent fees. So you have $90k if you spend every single dime you have. That’s a $450k house if you aim to put down 20%. But you have substantial debt, 4 kids, very low retirement savings for your ages....in short, your finances are a wreck. Moving and leaving yourself no cash to work with means you are one leaking bathtub away from disaster. [/quote]
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