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How much can i afford to spend on a house ($160k income)
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Date: February 16th, 2020 9:11 AM Author: razzle-dazzle red whorehouse $160k base with another ~$45k in bonuses that I don’t really want to count. Up to $100k down payment. 2 kids. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602073) |
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Date: February 16th, 2020 9:12 AM Author: Alcoholic twisted hell Rofl (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602075) |
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Date: February 16th, 2020 9:21 AM Author: razzle-dazzle red whorehouse Non major metro. SAHW (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602095) |
Date: February 16th, 2020 9:13 AM Author: galvanic keepsake machete double fault 500k because of the down payment (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602078) |
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Date: February 16th, 2020 9:30 AM Author: razzle-dazzle red whorehouse Explain (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602111) |
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Date: February 16th, 2020 9:32 AM Author: galvanic keepsake machete double fault With less than 20 percent down you have to get PMI. Not sure how much that costs but it’s best to avoid additional expenses in an already expensive process (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602113) |
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Date: February 16th, 2020 9:35 AM Author: contagious parlor goal in life I just got out of PMI on my house, I had just 5% down because I bought a couple months after graduation. It ended up being about 8% of my monthly payment, I just made 14 payments per year and got out in just over 5 years. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602120) |
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Date: February 16th, 2020 9:38 AM Author: galvanic keepsake machete double fault Yeah I know a bunch of doctors who got physician mortgage loans because they let you avoid PMI. That’s pretty 180 (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602126) |
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Date: February 16th, 2020 9:40 AM Author: contagious parlor goal in life Are there also male nurse mortgage loans? (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602131) |
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Date: February 16th, 2020 9:41 AM Author: galvanic keepsake machete double fault No idea (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602134) |
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Date: February 16th, 2020 9:48 AM Author: dashing irate boiling water corner Yes, there are. Nurses are good mortgage bets, like teachers. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602150) |
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Date: February 16th, 2020 9:42 AM Author: razzle-dazzle red whorehouse Right but is a $400k mortgage really affordable in this case? (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602136) |
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Date: February 16th, 2020 9:43 AM Author: galvanic keepsake machete double fault Of course (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602139) |
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Date: February 16th, 2020 9:44 AM Author: deranged excitant lettuce depends on prop taxes but should be within reach (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602142) |
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Date: February 16th, 2020 9:47 AM Author: dashing irate boiling water corner Lol at paying a $400k note on $160k. Ur one bad luck away from foreclosure. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602147) |
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Date: February 16th, 2020 9:49 AM Author: Buff splenetic faggotry temple can't look at it that way
$400k with super low rates over 30 years is only about $15k a year.
he can easily make a $15k year payment if no longer paying rent |
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Date: February 16th, 2020 9:49 AM Author: deranged excitant lettuce (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602154) |
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Date: February 16th, 2020 6:06 PM Author: dashing irate boiling water corner Check ur math. $400k on a 30-year fixed is $23k/year. But then he's also on the hook for property taxes, other home shit, so it's more like $35k/year depending on his state and city.
But in 10 years he'll still owe $324k, so he'll have nothing to show for it ($350k and still in the hock for $324k). He's better off getting a $300k loan, paying an extra $500/month and being in much better shape in 10 years. The freedom from not being house poor is enormous. |
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Date: February 16th, 2020 10:00 AM Author: razzle-dazzle red whorehouse I’m fucked if I lose my job regardless of whether I owe 3 or 300k (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602188) |
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Date: February 16th, 2020 6:08 PM Author: dashing irate boiling water corner You have $100k in cash, how could you possibly be unable to save six months of expenses so you have time to find a new job?
A smaller mortgage gives you the flexibility to pay more on your loan or save more for your rainy day fund. I'd go with a house you can conceivably pay off in 10 years, at which point you can rent it out or trade up for a larger home. |
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Date: February 16th, 2020 8:45 PM Author: razzle-dazzle red whorehouse TY breh (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39604859) |
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Date: February 16th, 2020 9:14 AM Author: vibrant seedy ratface state 300k (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602080) |
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Date: February 16th, 2020 9:16 AM Author: zippy market (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602085) |
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Date: February 16th, 2020 9:16 AM Author: contagious parlor goal in life $250k, 300 tops (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602086) |
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Date: February 16th, 2020 9:30 AM Author: razzle-dazzle red whorehouse Explain (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602107) |
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Date: February 16th, 2020 9:32 AM Author: contagious parlor goal in life My rule of thumb for financial security is to cap your mortgage at 2x annual earnings. ITE is overdue and the housing market is pumped up anywhere you can make $160k
Honestly OP is better off renting for a year or two and then jumping in when the market softens. |
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Date: February 16th, 2020 6:09 PM Author: dashing irate boiling water corner I've been renting for four years for this reason and am now priced out of my desired neighborhood. Really need that crash to come soon, but I'll probably be unemployed then too. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39604115) |
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Date: February 16th, 2020 6:41 PM Author: poppy circlehead jew Yeah, counting on a crash isn’t a great idea. It might never come.
Don’t overextend yourself, so conservative DTI and 20% down is a good thing, but also don’t put too much stock in your sense of whether things are over or under-priced. |
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Date: February 16th, 2020 9:18 AM Author: Alcoholic twisted hell You should give yourkids up for adoption (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602089) |
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Date: February 16th, 2020 9:19 AM Author: burgundy angry rigor We have similar incomes and down payments. I spent 330K. Any higher and I wouldn’t have felt good, but I’m a prole so 🤷♂️ (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602090) |
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Date: February 16th, 2020 9:22 AM Author: razzle-dazzle red whorehouse ARE country? I’m not in a major market but even here that wouldn’t get a decent house for a family. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602096) |
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Date: February 16th, 2020 9:24 AM Author: burgundy angry rigor Yeah. Brand new 3200 sq ft 5 br. Flyover ftw (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602099) |
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Date: February 16th, 2020 9:28 AM Author: razzle-dazzle red whorehouse Flyover is TCR (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602104) |
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Date: February 16th, 2020 9:19 AM Author: deranged excitant lettuce 500 (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602091) |
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Date: February 16th, 2020 9:22 AM Author: arrogant indirect expression pozpig op is disco fries (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602097) |
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Date: February 16th, 2020 9:26 AM Author: Maize marvelous rigpig Assuming $100k down payment and no student loans or other large fixed monthly overhead other than car payments/insurance, I'd say around $425k. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602101) |
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Date: February 16th, 2020 9:29 AM Author: razzle-dazzle red whorehouse That’s about what I’m thinking too. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602106) |
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Date: February 16th, 2020 9:44 AM Author: Buff splenetic faggotry temple what do u do?
if not biglaw and it's a pretty secure job/salary u can prob go to 3x annual and go for a $500k mortgage and $600k place if ur a first time buyer u get a lot of waived costs for not putting down 20%. a lot of first time buyers put down 10%. |
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Date: February 16th, 2020 9:51 AM Author: Maize marvelous rigpig This is awful advice unless he's a tenured professor with guaranteed raises. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602161) |
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Date: February 16th, 2020 10:34 AM Author: Buff splenetic faggotry temple well, that's what i'm trying to figure out
gov't gigs work |
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Date: February 16th, 2020 9:45 AM Author: Know-it-all affirmative action buying sounds crazy with such a pittance. find a rent seeker and cry for him to give you a one-sided contract to allow you to not die in his property for an exorbitant rate while you pay off his mortgage. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602143) |
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Date: February 16th, 2020 10:34 AM Author: Swashbuckling Canary Athletic Conference 300 max (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39602280) |
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Date: February 16th, 2020 7:14 PM Author: Alcoholic twisted hell still find it jarring when i realize poormos poast here. i feel sorry for your children
this place used to be prestigious |
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Date: February 16th, 2020 7:17 PM Author: vibrant seedy ratface state Lol how many poasts are you going to make in same thread (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39604396) |
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Date: February 17th, 2020 3:08 AM Author: milky liquid oxygen Can you get a place with a "mortgage helper" rental suite in the back or something? (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39606000) |
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Date: February 17th, 2020 3:09 AM Author: charismatic tanning salon blood rage Rule of thumb is gross x3. Hth. (http://www.autoadmit.com/thread.php?thread_id=4446500&forum_id=2#39606001) |