Anonymous
Post 12/14/2015 11:53     Subject: Re:900k house on 300k income?
900k is NBD with that income. go for it.
Anonymous
Post 12/14/2015 11:46     Subject: 900k house on 300k income?
Anonymous wrote:We were first-time buyers 2 years ago w/that HHI and bought for 700-750K range. However, at the time we had one child in daycare paying about 20K. No daycare costs now and don't plan on more kids, but we also like having extra money on hand--e.g., we are traveling to Europe in a few months, and can afford to do so w/o stressing too much. So for us buying on the lower end made sense.


Thanks, make sense!
Anonymous
Post 12/14/2015 11:20     Subject: 900k house on 300k income?
We were first-time buyers 2 years ago w/that HHI and bought for 700-750K range. However, at the time we had one child in daycare paying about 20K. No daycare costs now and don't plan on more kids, but we also like having extra money on hand--e.g., we are traveling to Europe in a few months, and can afford to do so w/o stressing too much. So for us buying on the lower end made sense.
Anonymous
Post 12/14/2015 11:18     Subject: 900k house on 300k income?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Prob fine. What is your downpayment?


Only 10% but that leaves us with a good sized emergency fund.


So will you have a second trust to pay down?

I think the big question I'd ask myself is if I could pay the mortgage on one salary. We are closer to 400k but a large portion is stock and bonus. Our salaries are probably around 275k. We don't have any problems paying our mortgage.


Thanks for the response! The 300k is base, not including bonus which can vary wildly from year to year. The emergency fund would be sufficient to live off of for 6 months if we immediately lost our jobs. Do I guess that means we're okay? We're first time buyers so I'm nervous going from our one-bed apt rent to a mortgage.



So you're similar to us except we purchased a 700k home.

How much more would the monthly payment be vs your current rent? We found we actually pay less for our home than we did in rent for our apartment. We've reduced our taxes by about 1k a month by buying. So it's effectively less expensive to own vs rent.

Anonymous
Post 12/14/2015 11:11     Subject: 900k house on 300k income?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Prob fine. What is your downpayment?


Only 10% but that leaves us with a good sized emergency fund.


So will you have a second trust to pay down?

I think the big question I'd ask myself is if I could pay the mortgage on one salary. We are closer to 400k but a large portion is stock and bonus. Our salaries are probably around 275k. We don't have any problems paying our mortgage.


Thanks for the response! The 300k is base, not including bonus which can vary wildly from year to year. The emergency fund would be sufficient to live off of for 6 months if we immediately lost our jobs. Do I guess that means we're okay? We're first time buyers so I'm nervous going from our one-bed apt rent to a mortgage.
Anonymous
Post 12/14/2015 11:00     Subject: 900k house on 300k income?
Anonymous wrote:
Anonymous wrote:Prob fine. What is your downpayment?


Only 10% but that leaves us with a good sized emergency fund.


So will you have a second trust to pay down?

I think the big question I'd ask myself is if I could pay the mortgage on one salary. We are closer to 400k but a large portion is stock and bonus. Our salaries are probably around 275k. We don't have any problems paying our mortgage.
Anonymous
Post 12/14/2015 10:43     Subject: 900k house on 300k income?
Anonymous wrote:Are you bragging or just bad at math?


Are you jealous or just a bitch?
Anonymous
Post 12/14/2015 10:43     Subject: 900k house on 300k income?
Anonymous wrote:Are you bragging or just bad at math?


Neither. I know this board is VERY conservative so I'd like their opinions on whether or not this is an over-extension.
Anonymous
Post 12/14/2015 10:41     Subject: 900k house on 300k income?
Are you bragging or just bad at math?
Anonymous
Post 12/14/2015 10:39     Subject: 900k house on 300k income?
Anonymous wrote: And do you plan to have kids?


Probably not, and if so not for 5 more years or so.
Anonymous
Post 12/14/2015 10:38     Subject: 900k house on 300k income?
Anonymous wrote:Prob fine. What is your downpayment?


Only 10% but that leaves us with a good sized emergency fund.
Anonymous
Post 12/14/2015 10:38     Subject: 900k house on 300k income?
Only 3x your income and no debt? Totally fine and with plenty of room for emergencies or nice vacations. I'm jealous
Anonymous
Post 12/14/2015 10:38     Subject: 900k house on 300k income?
And do you plan to have kids?
Anonymous
Post 12/14/2015 10:35     Subject: 900k house on 300k income?
Prob fine. What is your downpayment?
Anonymous
Post 12/14/2015 10:34     Subject: 900k house on 300k income?
This isn't a stretch, right? No kids, no debt.