Reply to found a perfect house but PITI would be 25 percent of our monthly gross income.

Forum Index » Money and Finances

Reply to "found a perfect house but PITI would be 25 percent of our monthly gross income."

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here:

for those asking about net income:  i could probably make my exemptions more accurate, but currently it is about

10.5 k net a month[/quote]

Without daycare you are fine but if you happen to need daycare it will be "tough". We have 10K net and we aimed for 2550 PITI. We are currently getting hit by a sudden tax reassessment and our PITI will be moving to 2900. We don't like the feel of it at all :( we are fine obviously but with 2 kids in daycare (total 2900) we don't do anything luxurious (think one old subaru and gap clothes lifestyle) 
[/quote]

We're similar. Our take home after 401ks, flexes, insurances is about $10k. Effectively about $11k if you add back the flex benefits and tax refunds. We wished for a $2500 PITI but ended up at $2900 to get into a good school district. Our house is a fixer upper and less than 2000 sf. We went moderate -- not a big fancy house. Daycare for two kids plus Montessori school for one of them is almost $3000 per month. We have one 1/2 paid off car at $300 per month for 2 more years and $300 of student loans for 5 more years. With groceries, maintenance, car insurance, small emergency fund, utilities ... it doesn't feel like we're living a "top 5-10%" life :) we aren't running up debt, but we're not taking big vacations either. My biggest concern is that we haven't started saving for college tuitions/general investments but we have to get out the daycare years first before that's reasonable for us. Child 3 is on the way -- we're thinking we will have to make room in the budget for a nanny so we can maintain some semblance of sanity in hectic lives.[/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