Reply to Another how much PITI can we afford post

Forum Index » Money and Finances

Reply to "Another how much PITI can we afford post"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Stay put and save more.[/quote]
OP here.

For one, unwilling to do middle school where we live. For another, if we're going to move, prefer to do it sooner than later so the oldest can make friends in elementary school before middle school.

And lastly, it doesn't really change the PITI much because prices are rising where we're looking. So we could save an extra 20k a year and the home prices will rise that much anyways. The only difference in waiting is the mortgage rate which [i]should[/i] be less by the time we are ready to buy in 9ish months or so, but don't know anything for certain on that. Certainly it won't be 2.5% though.[/quote]

I don't know why people think you can't afford it. It's less than all the benchmarks for affordability for you. You said you only want 2 years of state school saved up in 529--so in today's dollars that's about 60k each kid all in--you're not that far behind. (I think a lot of people at your income level want to fund 4 years private/OOS so that's why they are commenting on that).  VA has great public schools at a range of price points. Your retirement is a little behind, but that's more because your income grew.  If you don't want to retire early, then it's not that much of an issue.  Just run the numbers, but that looks totally okay in my opinion for you.

I wouldn't wait for mortgage rates to go down--you can always refinance if they do with your size of down payment--but there's really no guarantee.  They could go up if inflation isn't tamed and the fed decides to resume increases.  Even if the fed pauses, they really might not go down at all. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics