Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

Forum Index » Money and Finances

Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, your monthly PITI+HOA should ideally be no more than 25% of your NET monthly, not gross. It definitely should not exceed 32% of your monthly NET.[/quote]

OP's takehome is high enough that absent super high expenses (day care, private school, high health care expenses, student loans,  pricey vacations) that s/he should be fine.  7.3K/month after mortgage/insurance/etc.  is considerably more than my entire net takehome and my rent is 2.6K.  There's a huge difference between 34% of 11K and 34% of 4K in terms of money left to live on so applying a hard and fast rule without taking income into account does not make sense.

It's hard to image that anyone with a good budget would not be fine with that kind of income post mortgage expenses.    I would even say that there is still room to put more into retirement if they choose.   They have enough emergency savings to cover unexpected home repairs and should be able to save for such anyways with that income.

Enjoy the house, make a budget and stop worrying would be my recommendation.  [/quote]

I agree with this poster completely. OP you are in a good position. Enjoy[/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