Instantly Interpret Free: Legalese Decoder – AI Lawyer Translate Legal docs to plain English


1712192435 634 Unlocking the Legal Jargon How AI Legalese Decoder Can Help Instantly Interpret Free: Legalese Decoder - AI Lawyer Translate Legal docs to plain English

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## Determining the Amount of House to Buy

Fairly straight forward question here – how much house would you buy given our numbers? 2024 budgeted Sankey diagram is below as well as high level information.

[2024 Budgeted Sankey]

My fiance (25F) and I (26M) rent in a MCOL metro and are getting married Fall 2024. We have no plans in the next 5 years for kids, but would like kids soon after that. Ideally, we would like to make a house purchase at the end of 2024 or early 2025 (currently saving in HYSA for downpayment).

Combined NW is roughly $275k: $130k in retirement accounts, $100k in HYSA, $65k between two cars (owe $20k on one of them). No other debt other than the $20k on one auto loan at 5.99% IR.

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Tentatively was thinking ~$500k but would like others opinions. Thank you in advance to anyone who takes the time to provide any feedback, I really do appreciate it!

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10 Comments

  • Googler35

    Similar age and income as you guys. One thing to keep in mind is paying for childcare. I ran numbers with 2 kids in daycare ($3600/month) over our typical numbers and with our first starting next month I’m glad we went with a smaller house. We will likely upgrade once they are all in school.

  • noname2256

    With those numbers (I subtracted $30,000 to keep in your emergency fund) your mortgage payment would be around $3,700 with tax, insurance, PMI, ect.

    You’d need to ask yourself if that number feels comfortable for you given your budget and goals.

  • [deleted]

    how much weight you wanna feel from that house :).

    Do you need a 500k house? I imagine if you’re in mcol then you can get a decent house for less..400k? 300k? what are you getting for that extra 100-200k besides a larger mortgage payment.

    Bigger house = bigger mortgage. bigger repair bill. more time to maintain/upkeep. Less money going to investments/savings, etc…

    You have to decide on your priorities.

  • ApplicationCalm649

    As little house as you can make work for you is always the best answer.

  • sophisticatednoodles

    Childcare is a huge expense if you both plan to keep working, and a smaller but still noticeable expense if you do part time preschool for toddlers. I think this mortgage payment on this income could become pretty stressful with childcare. My recommendation would be to try and find a cheaper home, then upgrade if/when incomes go up significantly or childcare costs ramp down as kids age. That being said, I don’t think it makes sense to buy a 400k house that needs major capex like roof/hvac and is really only worth 350 but you have to bid up because it’s so competitive. Sometimes going a little higher in your market can put you in a place where you’re overpaying less. If you can find something closer to 400 where you live, you’ll be happy to have more options as you start considering kids. 

  • shyladev

    I think 500k seems safe.

  • DaJabroniz

    You could do upto 700k and still be comfy

  • RevenantDoctor

    How is Nannying non-taxable income?

  • screamingwhisper1720

    Whatever 1 week of income brings in that’s the max payment you can do a month, then just run a mortgage calculator and that should give you the cap for a home loan. Never do the math based off bonuses or side work because that doesn’t lead to consistency.

  • Basalganglia4life

    Yet another snake diagram by a 25 y/o that doesn’t save nearly enough for retirement