Reply to How much mortgage can we afford?

Forum Index » Money and Finances

Reply to "How much mortgage can we afford?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]When we had student loans from DH's law degree we bought a cheap townhouse in a gentrifying area, and we didn't have any car or consumer loans. We drove an old sedan until the student debt was paid off.

750k is insane. Look for a condo or townhouse where your PITI costs are as close to rent as possible.[/quote]

This. I cannot believe they have $50k (!!!) in car loans with that debt. I wouldn’t even do that with zero debt. The problem here is they rushed to have the kids and her DH doesn’t work. If they had waited a couple years to have kids after law school they could have eliminated the debt and saved some money before adding in kids. OP should absolutely rent something as cheap as possible until she gets those loans under control and for the love of God don’t have any more kids so DH can work the second the youngest hits school. [/quote]

+1
 
Something has to give.  If you want to have kids immediately after law school, then you will have to live very frugally while you pay off the $300K in loans.  I agree, that waiting 2-3 years to have kids while you intensively pay off loans is a much better idea--you can live in a 1 bedroom and progress even faster that way!  Both of them could have worked during those 2 -3 years and paid off those loans, had enough to pay cash for a new car and still have a good chunk saved for a home downpayment.  
But when you choose to take $300K in student loans, yeah you might not be able to buy a home right away.  Because you already have the equivalent of a home loan with your student loans. [/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