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/u/europeanuppercut
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33, single. looking at buying a condo or house in nashville. current rent is $1800/month.
income varies (commission-based job), but i made $200k in 2022, $245k in 2023, and $260k in 2024. currently having $450k in a liquid money market account (day-to-day + emergency fund + down payment savings), $250k in retirement savings.
assuming the income stays around $250k, what should i allow myself for a monthly mortgage payment?
i've looked at so many lower-cost, safe options (i.e. $500k condo with $350k down and an $1800/month mortgage, selling it in 3-5 years if/when i start a family)... and then get excited looking at more expensive options, and wondering if i should get a more exciting place with a higher mortgage and potentially a higher return rate (i.e. $950k high rise downtown, $400k down and $5k/month towards mortgage/hoa/insurance)... running numbers on everything and still not sure what i should allow myself.
submitted by /u/europeanuppercut
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first-time home buyer. what budget should i allow myself?
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income varies (commission-based job), but i made $200k in 2022, $245k in 2023, and $260k in 2024. currently having $450k in a liquid money market account (day-to-day + emergency fund + down payment savings), $250k in retirement savings.
assuming the income stays around $250k, what should i allow myself for a monthly mortgage payment?
i've looked at so many lower-cost, safe options (i.e. $500k condo with $350k down and an $1800/month mortgage, selling it in 3-5 years if/when i start a family)... and then get excited looking at more expensive options, and wondering if i should get a more exciting place with a higher mortgage and potentially a higher return rate (i.e. $950k high rise downtown, $400k down and $5k/month towards mortgage/hoa/insurance)... running numbers on everything and still not sure what i should allow myself.
submitted by /u/europeanuppercut
[link] [comments]
first-time home buyer. what budget should i allow myself?
Continue reading...