Anonymous
Post 06/01/2023 00:33     Subject: How much mortgage can we afford?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:HHI - $300k
Student debt - $250k
Car debt and other debt -$50k
Retirement fund, IRAs and 401k balance- $170k
Monthly fixed expenses: $4k




How old are you and how much do you THINK you can afford given the stats you provided? Happy to answer your question and tell you my story if you share that info! I'm guessing I am about 10 years older than you.


Op here: we are 33 and 36. I think $750k mortgage should be OK. Please do share. TIA!


How do you think that's ok? You have $300K in debt and very little in savings. So, basically, your debt would be over a million. You also have to think about property taxes, house repairs, etc.
Anonymous
Post 06/01/2023 00:31     Subject: How much mortgage can we afford?
Anonymous wrote:
Anonymous wrote:HHI - $300k
Student debt - $250k
Car debt and other debt -$50k
Retirement fund, IRAs and 401k balance- $170k
Monthly fixed expenses: $4k




How old are you and how much do you THINK you can afford given the stats you provided? Happy to answer your question and tell you my story if you share that info! I'm guessing I am about 10 years older than you.


Op here: we are 33 and 36. I think $750k mortgage should be OK. Please do share. TIA!
Anonymous
Post 06/01/2023 00:29     Subject: How much mortgage can we afford?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:How much do you think you can afford? Are you planning to have kids? That debt is crazy high.


Law school is expensive. That’s why our debt is so high. Yes, we have 2 kids under 5.

Yet somehow we paid ours off in 10 years. Maybe you should get a job instead of mooching off your lawyer husband.


Op here: for your information, I am the wife and the lawyer, not my husband. And good for you for paying off your debt in 10 years I haven’t even been out of law school for 5 years yet.
Anonymous
Post 06/01/2023 00:20     Subject: How much mortgage can we afford?
Anonymous wrote:HHI - $300k
Student debt - $250k
Car debt and other debt -$50k
Retirement fund, IRAs and 401k balance- $170k
Monthly fixed expenses: $4k

How much of the $4k goes to student debt, how much for car and how much to 401k/IRA?
How much are you putting toward college costs for children?
What is the “and other debt”?

How is the $300k income split between each spouse?

Anonymous
Post 06/01/2023 00:17     Subject: How much mortgage can we afford?
Anonymous wrote:
Anonymous wrote:How much do you think you can afford? Are you planning to have kids? That debt is crazy high.


Law school is expensive. That’s why our debt is so high. Yes, we have 2 kids under 5.

You need to either buy a $500K townhouse or keep renting. Your savings are abysmal.
Anonymous
Post 06/01/2023 00:16     Subject: How much mortgage can we afford?
Anonymous wrote:HHI - $300k
Student debt - $250k
Car debt and other debt -$50k
Retirement fund, IRAs and 401k balance- $170k
Monthly fixed expenses: $4k




How old are you and how much do you THINK you can afford given the stats you provided? Happy to answer your question and tell you my story if you share that info! I'm guessing I am about 10 years older than you.
Anonymous
Post 06/01/2023 00:13     Subject: How much mortgage can we afford?
Anonymous wrote:
Anonymous wrote:How much do you think you can afford? Are you planning to have kids? That debt is crazy high.


Law school is expensive. That’s why our debt is so high. Yes, we have 2 kids under 5.

Yet somehow we paid ours off in 10 years. Maybe you should get a job instead of mooching off your lawyer husband.
Anonymous
Post 05/31/2023 23:18     Subject: How much mortgage can we afford?
$500K as you need a college fund and pay off that debt. You need to reduce your expenses.
Anonymous
Post 05/31/2023 23:00     Subject: How much mortgage can we afford?
We didn’t have much debt but $300K HHI and we spent $615K on our house in 2013. We put down 25%. PITI is appx. $2700.
Anonymous
Post 05/31/2023 23:00     Subject: How much mortgage can we afford?
Anonymous wrote:How much do you think you can afford? Are you planning to have kids? That debt is crazy high.


Law school is expensive. That’s why our debt is so high. Yes, we have 2 kids under 5.
Anonymous
Post 05/31/2023 22:59     Subject: How much mortgage can we afford?
Anonymous wrote:Do you have kids? How old are you? Do you have down payment money? In your shoes I’d probably live in a cheap rental for a couple of years and build up cash/pay down debt.


Op here: yes, we have 2 kids under 5 and no daycare costs. We have $100k saved as a down payment.
Anonymous
Post 05/31/2023 22:58     Subject: Re:How much mortgage can we afford?
Op here- we have 2 kids under 5, no daycare costs.
Anonymous
Post 05/31/2023 22:57     Subject: How much mortgage can we afford?
Do you have kids? How old are you? Do you have down payment money? In your shoes I’d probably live in a cheap rental for a couple of years and build up cash/pay down debt.
Anonymous
Post 05/31/2023 22:55     Subject: How much mortgage can we afford?
How much do you think you can afford? Are you planning to have kids? That debt is crazy high.
Anonymous
Post 05/31/2023 22:52     Subject: How much mortgage can we afford?
HHI - $300k
Student debt - $250k
Car debt and other debt -$50k
Retirement fund, IRAs and 401k balance- $170k
Monthly fixed expenses: $4k