Both of us are 35
Me: $100k +25% bonus + some other long term incentives that aren’t consistent but could be between $10k and $30k annually
Wife: $85k
No CC debt - pay off monthly
$200k in current home equity
$12k car loan - 2 years remaining
No other debt
800+ credit score
$750k in 401k combined
$120k in mutual funds/stock
$25k in cash
Any other questions I’ll answer.
Can I do it?
New house has annual property taxes of $7,500
This is in a Boston suburb inside of 128.
Any kids?
If no, I would say yes - you can afford it. What is current interest rate in the US now?
In Norway, a couple with your income and equity could probably afford a $800k - $1200k house.
2 kids both under 4. Can probably get 3.5 rate for 30 years.
You should easily be able to afford that with your salaries and the equity in your current house.
Give me the address of the house and I can give pro's and cons.
When you can pay cash for something then you can “afford it”. Otherwise you’re question should be “should I take in this much debt?” The answer is no. Houses where you live are liabilities not assets. It will cost you so much more than 650. Live in a smaller place and or cheaper location. Save the rest in a typical retirement account. You both don’t make enough to get that house without significant stress.
Usually the people who have 800+ credit scores already know if they can afford it BEFORE they apply for a mortgage or loan.
Use your gut, man. Sounds like you've done pretty well on your current obligations. Personally if I get a bad gut feeling about affordability, I usually will move to a smaller asset before inking the page.
Easily, and you know.
You were just looking for a stupid poster like nooooo to reply.
No.
Why would somebody pay that much money for a house. Yikes.
Live in a van down by the river and retire when you’re 40.
Pay off the car loan ASAP to help with cash flow.
If the mortgage is 25% or less than take home pay on a 15 year, then you can afford it.
Hmmmmmmm wrote:
Both of us are 35
Me: $100k +25% bonus + some other long term incentives that aren’t consistent but could be between $10k and $30k annually
Wife: $85k
No CC debt - pay off monthly
$200k in current home equity
$12k car loan - 2 years remaining
No other debt
800+ credit score
$750k in 401k combined
$120k in mutual funds/stock
$25k in cash
Any other questions I’ll answer.
Can I do it?
New house has annual property taxes of $7,500
This is in a Boston suburb inside of 128.
You guys are lucky - where I am the starter homes are like $2.5M. This house is probably comparably a mansion.
With climate change, Boston will be underwater in 15 years
$1.1 million net worth at 35. Bravo.
Yah you can easily afford a $650k house
4 bed 2 full bath - 2,100 sq feet - less than a quarter acre lot.
You could easily afford a lot more house than that shack.
You better act cautiously. All assets are at elevated levels, and the economic expansion has reached it’s limits.
Jump on it. You can afford it and you can move out in 20 years when it is worth $1.2M. Houses should act as an investment.
Hmmmmmmm wrote:
Both of us are 35
Me: $100k +25% bonus + some other long term incentives that aren’t consistent but could be between $10k and $30k annually
Wife: $85k
No CC debt - pay off monthly
$200k in current home equity
$12k car loan - 2 years remaining
No other debt
800+ credit score
$750k in 401k combined
$120k in mutual funds/stock
$25k in cash
Any other questions I’ll answer.
Can I do it?
New house has annual property taxes of $7,500
This is in a Boston suburb inside of 128.
Of course you can. Sell the current house, take a loan of $450,000 for the new house which will end up being a little less than $3,000 a month, or $3,600 if you add in the taxes. Easy to do on your combined salaries.
You don't even need to contribute to your 401ks anymore if you don't want to. Might as well do the minimum to get the full company match.
The other thing to consider is that when the kids are ready for college, you might not want that non-retirement money there. If you throw that at the house then, or buy something else with it, and one of you stops working while they are in college, if they get accepted to an elite college that gives great financial aid (all Ivies, Stanford, about 60 others), they will go for peanuts. You have that money sitting there, then those elite colleges will take a lot of it. That's a long way off still though.
YOU are a bragging little B*T%H. You didn't kow you could afford this? Please.
Glad I wasted my time opening this thread to see some arrogant prick posting about his amazing life. I thought maybe I could lend some decent advice to a guy/gal that was actually looking for some.
Do me a favor...go F*&K yourself. Go giggle yourself to sleep as you brag to your wife next to you in bed about how well you guys are doing compared to others your same age.
That 401k will be a 201k and that $650,000 house will be a $350,000 upside down mortgage. One of you loses your job? Opps....