Anonymous
Post 02/20/2023 21:40     Subject: Re:HHI $250k what would you spend on mortgage?
OP, you say you own current home free and clear, but you don’t seem to be accounting for the cash that would freed up when you sell that house, I take it you aren’t planning on Selling current home?
Anonymous
Post 02/20/2023 21:40     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:If you need more than 275k to get a house 700k+, who in the world is populating every 2000 sq Ft+ SFH in Potomac, Bethesda, McLean, and even North Potomac/lower Gaithersburg? Where is this explosion of high income jobs?

I think up to 900k is fine, especially if you can put down above 20%.
+1. Put your money toward a decent house and neighborhood. Then drive old cars. Go to good public schools. You’ll be fine.
Anonymous
Post 02/20/2023 21:38     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would buy a 1.2 M house and put 20%down

Way too high. We make $275k, plan to send one kid to private, and our $4k payment ($660k mortgage @ 4.25%) is the max we are comfortable with.


+1

OP, stay around $500-600k


It would be nice to buy in that range. But 500-600k doesn't buy you anything decent in this area anymore.
agree. This hasn’t been a possible price point for awhile.
Anonymous
Post 02/20/2023 21:27     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would buy a 1.2 M house and put 20%down

Way too high. We make $275k, plan to send one kid to private, and our $4k payment ($660k mortgage @ 4.25%) is the max we are comfortable with.


+1

OP, stay around $500-600k


It would be nice to buy in that range. But 500-600k doesn't buy you anything decent in this area anymore.


Better to buy something “not decent” than to risk foreclosure.
Anonymous
Post 02/20/2023 21:25     Subject: Re:HHI $250k what would you spend on mortgage?
OP here. Yes, $500k on the mortgage. We’re looking at somewhere around $250k as a down payment.
Anonymous
Post 02/20/2023 21:23     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would buy a 1.2 M house and put 20%down

Way too high. We make $275k, plan to send one kid to private, and our $4k payment ($660k mortgage @ 4.25%) is the max we are comfortable with.


+1

OP, stay around $500-600k


Agreed. We pay $3240/month for a $600k mortgage at 3% we earn $250k/year. That was the top of our budget. Don’t stretch beyond this if you also plan to save for retirement and sending kids to college.
Anonymous
Post 02/20/2023 21:21     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:If you need more than 275k to get a house 700k+, who in the world is populating every 2000 sq Ft+ SFH in Potomac, Bethesda, McLean, and even North Potomac/lower Gaithersburg? Where is this explosion of high income jobs?

I think up to 900k is fine, especially if you can put down above 20%.



My thoughts exactly. Can’t find much under $1.1 million anywhere in nova.

I’m the $275k PP and that’s not really true. Inside the beltway there is plenty in Falls Church 22041/22042/22044 and Annandale for ~$800k. Not fancy houses and private may be necessary, but totally doable.


800k yes, but posters were telling Op not to go above 600k. Which is like… a shack or tiny shoddy townhouse in a respectable neighborhood. You don’t want to be living in a shack or a grungy neighborhood if you’re making 275k

I assumed they meant a $600k mortgage, not house. In any case, that’s what we make and we compromised on neighborhood
(I wouldn’t calls our grungy but it’s not particularly nice) to be able to get a SFH close in.
Anonymous
Post 02/20/2023 21:14     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:If you need more than 275k to get a house 700k+, who in the world is populating every 2000 sq Ft+ SFH in Potomac, Bethesda, McLean, and even North Potomac/lower Gaithersburg? Where is this explosion of high income jobs?

I think up to 900k is fine, especially if you can put down above 20%.



My thoughts exactly. Can’t find much under $1.1 million anywhere in nova.

I’m the $275k PP and that’s not really true. Inside the beltway there is plenty in Falls Church 22041/22042/22044 and Annandale for ~$800k. Not fancy houses and private may be necessary, but totally doable.


800k yes, but posters were telling Op not to go above 600k. Which is like… a shack or tiny shoddy townhouse in a respectable neighborhood. You don’t want to be living in a shack or a grungy neighborhood if you’re making 275k
Anonymous
Post 02/20/2023 21:07     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:If you need more than 275k to get a house 700k+, who in the world is populating every 2000 sq Ft+ SFH in Potomac, Bethesda, McLean, and even North Potomac/lower Gaithersburg? Where is this explosion of high income jobs?

I think up to 900k is fine, especially if you can put down above 20%.



My thoughts exactly. Can’t find much under $1.1 million anywhere in nova.

I’m the $275k PP and that’s not really true. Inside the beltway there is plenty in Falls Church 22041/22042/22044 and Annandale for ~$800k. Not fancy houses and private may be necessary, but totally doable.
Anonymous
Post 02/20/2023 21:03     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:If you need more than 275k to get a house 700k+, who in the world is populating every 2000 sq Ft+ SFH in Potomac, Bethesda, McLean, and even North Potomac/lower Gaithersburg? Where is this explosion of high income jobs?

I think up to 900k is fine, especially if you can put down above 20%.



My thoughts exactly. Can’t find much under $1.1 million anywhere in nova.
Anonymous
Post 02/20/2023 20:46     Subject: HHI $250k what would you spend on mortgage?
If you need more than 275k to get a house 700k+, who in the world is populating every 2000 sq Ft+ SFH in Potomac, Bethesda, McLean, and even North Potomac/lower Gaithersburg? Where is this explosion of high income jobs?

I think up to 900k is fine, especially if you can put down above 20%.
Anonymous
Post 02/20/2023 20:46     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would buy a 1.2 M house and put 20%down

Way too high. We make $275k, plan to send one kid to private, and our $4k payment ($660k mortgage @ 4.25%) is the max we are comfortable with.


I did this 5 years ago and it's been just fine.

You did which 5 years ago? Not clear which post you are responding to.
Anonymous
Post 02/20/2023 20:44     Subject: HHI $250k what would you spend on mortgage?
shoot for max PITI of 3500
Anonymous
Post 02/20/2023 20:43     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would buy a 1.2 M house and put 20%down

Way too high. We make $275k, plan to send one kid to private, and our $4k payment ($660k mortgage @ 4.25%) is the max we are comfortable with.


+1

OP, stay around $500-600k


It would be nice to buy in that range. But 500-600k doesn't buy you anything decent in this area anymore.
Anonymous
Post 02/20/2023 20:43     Subject: HHI $250k what would you spend on mortgage?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I would buy a 1.2 M house and put 20%down

Way too high. We make $275k, plan to send one kid to private, and our $4k payment ($660k mortgage @ 4.25%) is the max we are comfortable with.


+1

OP, stay around $500-600k


OP here. With interest rates being what they are, maxing at $500k feels comfortable. $1.2M on our income feels like insanity, I don’t care what we can get approved for. With the one kid $500k seems like the sweet spot for savings, school, and high quality of life.