Can I really afford a $250k house?

[Texashiker]

Household income will still be $80k

And?? What is your point?

You recommend maxing out the loan? So when one or the other loses their job, they lose the house? Is that what you are suggesting?

 

[PingSpike]

Obviously, you can only afford a house if have 5 times the total loan amount in liquid savings plus enough gas money available for your lambo.

 

[Soccerman06]

so if i'm single making $100k per year you'd use that but if i have a wife making $50k per year on top of that you'd only use $75k? how does that work?

Because its a woman :hmm:

 

[96Firebird]

Hell, if you can put 1200 towards it, you may as well look. At least with a house, your interaction with neighbors is mostly up to you. My only times living in an apartment were not experiences I really cared for. Smoking neighbors below you whose stench creaps right into my closet and onto my clothes? No thank you.

If I was simply dating, I'd at least find a decent looking fixer upper. Gotta get started somewhere.

I lived in an apartment for 2 years, didn't really mind it. But that was just out of high school with a bunch of other college kids, so it was fun.

For the past 3 years, I have been renting houses. Much better now that I am getting older, and I don't mind mowing or shoveling/snowblowing. Plus, I have an 85lb German Shepherd mix who loves to stretch his legs, so a yard is nice.

While I didn't have to pay for repairs, I know the frustrations that come with them. We had our whole basement flood because of a backed up main line, took cold showers with a broken water heater, and got our vents cleaned because there was soooo much dust built up in them when we first moved in.

Maybe I can find a nice rent-to-own, or is that usually a bad idea?

 

[GotIssues]

And?? What is your point?

You recommend maxing out the loan? So when one or the other loses their job, they lose the house? Is that what you are suggesting?

You are fucking retarded.

#1. He questioned if $265k was affordable given the $80k figure he used. The answer is yes, it's the upper limit, which has been said several times by people, myself included.
#2. I made a suggestion on an $80k income to look at $125k-$150k. If you didn't read that, it's not my fault.
#3. You use the wrong numbers and then make up some dumbshit number and somehow it's someone else's fault for calling you out on it?

I've never seen a quality post from you. You provide all the insight of a middle-schooler, with half as much reading comprehension.

 

[Texashiker]

You are fucking retarded.

#1. He questioned if $265k was affordable given the $80k figure he used.

The $80k number he used to start with is wrong. He does not have $80, he has $50k and his girlfriend has $30k.

I've never seen a quality post from you. You provide all the insight of a middle-schooler, with half as much reading comprehension.

You question my reading comprehension, when you yourself can not see a flawed question?

 

[ElFenix]

You are fucking retarded.

#1. He questioned if $265k was affordable given the $80k figure he used. The answer is yes, it's the upper limit, which has been said several times by people, myself included.
#2. I made a suggestion on an $80k income to look at $125k-$150k. If you didn't read that, it's not my fault.
#3. You use the wrong numbers and then make up some dumbshit number and somehow it's someone else's fault for calling you out on it?

I've never seen a quality post from you. You provide all the insight of a middle-schooler, with half as much reading comprehension.

The $80k number he used to start with is wrong. He does not have $80, he has $50k and his girlfriend has $30k.




You question my reading comprehension, when you yourself can not see a flawed question?

 

[ponyo]

Savings, retirement, wealth building. A big percentage of your income devoted to a house payment really prevents you from doing a lot of that properly.

There's a big difference between "make the payments" and "make the payments and save/invest a substantial amount of your income so your money prints income for you".

So you're saying paying off your house and having no mortgage payment is better than paying portion of your income to mortgage co each month. Which you can do if you have $500k. I'm glad you finally see that being mortgage free is the best path to financial freedom.

 

[GotIssues]

The $80k number he used to start with is wrong. He does not have $80, he has $50k and his girlfriend has $30k.

He asked based on a $80k income. I answered the question based on the given parameters.

OP question: "So, what do you think about peanut butter and jelly sandwiches?"
Texashiker: "I like Coca-Cola. It sure is tasty."

You question my reading comprehension, when you yourself can not see a flawed question?

I question your reading comprehension because in every thread you post in, you start off on something tangential to the topic at hand, and never actually are on the same conversation. You are, simply put, fucking retarded. What happened to #'s 2 and 3? Were you going to just pretend they don't exist?

 

[Texashiker]

He asked based on a $80k income. I answered the question based on the given parameters.

So you are reenforcing the OPs delusion that he has $80k to buy a home with?

Can you really not think for yourself? That when someone ask you a flawed question, you give the person a even more flawed answer?

Oh yea OP, go buy a $250k home. And if/when you and your girl friend break up, get ready to lose all the money you put into the home. That is some really stupid advice, and I will not be any part of it.

OP, go buy a home you can afford with your $50k. Get the home before you are married, so its not going to be considered community property. 3, 4 or 5 years later you and her split up, you get to keep the house.

 

[spidey07]

So you're saying paying off your house and having no mortgage payment is better than paying portion of your income to mortgage co each month. Which you can do if you have $500k. I'm glad you finally see that being mortgage free is the best path to financial freedom.

One would be a fool to pay off their house right now. At these rates invest the rest and come out much more wealthy over the long term.

 

[dbk]

what about me? 75k a year.. I wanna do FHA 3.5% how much would i qualify for? i meet the frontend/backend ratios.. I could have my my dad as a coborrower or a cosigner.. anybody an expert in this matter? i would love to discuss over PM.. thanks

 

[ElFenix]

So you are reenforcing the OPs delusion that he has $80k to buy a home with?

the OP wasn't asking if he really could afford it, he was in disbelief that the recommendation was that high. i don't think anyone was doing anything other than explaining how the calculation worked.

 

[Texashiker]

the OP wasn't asking if he really could afford it, he was in disbelief that the recommendation was that high. i don't think anyone was doing anything other than explaining how the calculation worked.

You are spoiling the fun I am having in this thread.

I want to get back to the OP and other delusions he might be having.

 

[torpid]

What's this? A thread where Texashiker blasts someone who wants to make a financial commitment to someone to whom they are not married? Shocking, I say... shocking.

 

[Zargon]

#2. I made a suggestion on an $80k income to look at $125k-$150k. If you didn't read that, it's not my fault.
.

Thats about where I am at, combined income just over 90K.

closed my refi for 150K at 3.875%

we make the mortgage payment, and currently have 600 in car payments and still put $$ into savings each month + retirement savings

it sucks, but 300 of the car payment is about to go away as I am going to write a check to pay it off, and the other 300 just started.

but we are able to make 600 in car payments and pay the mortgage while saving ~12% towards retirement(between pensions and '401k')

and some to savings, and not slowly drowning in debt. no credit card balance carried over ETC.

taxes are ~4k a year.

Can I buy whatever I want when I want? nope. But I live comfortably. wife wants to get knocked up towards the end of 2012 so we will see how comfortable after insurance + daycare then. Probably work hard to eliminate the other car payment before the baby is born

 

[rcpratt]

You are spoiling the fun I am having in this thread.

I want to get back to the OP and other delusions he might be having.

Spreading retardation is fun.

 

[Texashiker]

Spreading retardation is fun.

ATOT has been a little slow lately, someone has to spice things up.

Has the most important question of all been asked yet?

OP, pics of girlfriend?

 

[GotIssues]

So you're saying paying off your house and having no mortgage payment is better than paying portion of your income to mortgage co each month. Which you can do if you have $500k. I'm glad you finally see that being mortgage free is the best path to financial freedom.

Financial freedom in the sense that it's the quickest way to not owing money, but it's not necessarily the best for your long-term wealth building, especially since mortgage interest is tax deductible and interest rates are insanely low.

At 4% interest rate and assuming a constant 25% tax bracket (for simplicity's sake), as long as you get over 5% return on your money, taking the mortgage is the better option in the end (at 5% annual rate of return, it comes out right about the same) than putting the monthly mortgage payment into the same account earning the same %.

 

[GotIssues]

So you are reenforcing the OPs delusion that he has $80k to buy a home with?

Can you really not think for yourself? That when someone ask you a flawed question, you give the person a even more flawed answer?

More flawed answer? Like saying he can only afford a $75k house? Or a right answer in a $125k-$150k house?

Huh, seems like I was giving the right answer and you were giving a flawed answer. Odd.

Oh yea OP, go buy a $250k home. And if/when you and your girl friend break up, get ready to lose all the money you put into the home. That is some really stupid advice, and I will not be any part of it.

OP, go buy a home you can afford with your $50k. Get the home before you are married, so its not going to be considered community property. 3, 4 or 5 years later you and her split up, you get to keep the house.

If you are going to rely on making shit up to try and win an argument, it's fucking pointless to deal with you. Go back and fucking read what I wrote, dipshit.

When did I tell him to co-sign with his girlfriend? Please, point that out to me. I'll wait.

You are relying on lies and making shit up to support your argument. You are a fucking idiot.

 

[Texashiker]

You are a fucking idiot.

Even though I disagree with your opinion, I still respect it.

 

[DrPizza]

You payment after Escrow and everything will be close to $1800 a month atleast... you do the math yourself and see if you can afford.

and yes, thats exactly the reason, its sucks

with 10%, it will be closer to $1600

He's in NY. I'm guessing a $250k house, with 20% down, would cost him closer to $2k per month, including the escrow.

If house prices are $100k and you are shelling out $1200/mo in rent living with roommates, I would advise going out and getting a $100k house and renting a bedroom out to one of your roommates for $400-$500/month (a little less than the predominant one bedroom prices). You'll come out way ahead on that deal. Way ahead.

Yeah, this. It makes no sense that you have room mates, yet are spending $1200 a month for an apartment. I didn't realize there were places that expensive in the Rochester area.

 

[GotIssues]

ATOT has been a little slow lately, someone has to spice things up.

Has the most important question of all been asked yet?

OP, pics of girlfriend?

If you didn't have a history of posting really fucking stupid answers to financial posts, I'd almost believe this.

But I will give you one thing: While your answers are stupid as fuck, they are always on the mega-conservative side, so if someone ever did listen to you, they wouldn't get a financial ass-raping.

 

[dank69]

Pics of girlfriend?

 

[Texashiker]

But I will give you one thing: While your answers are stupid as fuck, they are always on the mega-conservative side, so if someone ever did listen to you, they wouldn't get a financial ass-raping.

Thank you.