No, my math is with 20% down and a 5.5% rate. With HOA, total payment would be around $5300.
Take home pay on $210K at 67% net is $11,725 per month. 67% includes $3000 pre-tax for health care and $15500 pre-tax for 401k. It also includes 7% state tax, 11% effective federal rate or 19% on taxable income (interest deduction helps huge) and full FICA.
This leaves $6425 after house payment. I spend about $2200 on groceries/gas/utilities, leaving $4225. Take out another $1600 for cars/student loans/daycare, then $800 to max out IRA’s. I still have $1825 left over for household and entertainment. Very comfortable for me.
I’d much rather have a $4000 or less mortage to have a bigger downside buffer in the case of income loss.
wfb, you stated $15,500 for 401k, but if 2 people working, shouldn’t you be contributing $31k? Can you even get 5.5% w/a loan above $700k? I also don’t see you count in savings. $2200 seems low for monthly expense when you’re maintain a 3000+ sq-ft house.
wfb, you stated $15,500 for 401k, but if 2 people working, shouldn’t you be contributing $31k? Can you even get 5.5% w/a loan above $700k? I also don’t see you count in savings. $2200 seems low for monthly expense when you’re maintain a 3000+ sq-ft house.
wfb, you stated $15,500 for 401k, but if 2 people working, shouldn’t you be contributing $31k? Can you even get 5.5% w/a loan above $700k? I also don’t see you count in savings. $2200 seems low for monthly expense when you’re maintain a 3000+ sq-ft house.
wfb, you stated $15,500 for 401k, but if 2 people working, shouldn’t you be contributing $31k? Can you even get 5.5% w/a loan above $700k? I also don’t see you count in savings. $2200 seems low for monthly expense when you’re maintain a 3000+ sq-ft house.
wfb, you stated $15,500 for 401k, but if 2 people working, shouldn’t you be contributing $31k? Can you even get 5.5% w/a loan above $700k? I also don’t see you count in savings. $2200 seems low for monthly expense when you’re maintain a 3000+ sq-ft house.
Do not forget AMT guys. The wife and I are getting hit with that. The interest deduction slowly decreases…..
I enjoy sleeping at night therefore we want to pay off our home under 10 years.
This interest/property tax deduction stuff is a farce. Its like getting coupons just to use them and spend money….
Do not forget AMT guys. The wife and I are getting hit with that. The interest deduction slowly decreases…..
I enjoy sleeping at night therefore we want to pay off our home under 10 years.
This interest/property tax deduction stuff is a farce. Its like getting coupons just to use them and spend money….
Do not forget AMT guys. The wife and I are getting hit with that. The interest deduction slowly decreases…..
I enjoy sleeping at night therefore we want to pay off our home under 10 years.
This interest/property tax deduction stuff is a farce. Its like getting coupons just to use them and spend money….
Do not forget AMT guys. The wife and I are getting hit with that. The interest deduction slowly decreases…..
I enjoy sleeping at night therefore we want to pay off our home under 10 years.
This interest/property tax deduction stuff is a farce. Its like getting coupons just to use them and spend money….
.
