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Old 08-28-2008, 07:12 PM
 
Location: Broward County
2,518 posts, read 9,700,322 times
Reputation: 1333

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Here is the deal...my mortgage including taxes and insurance would be 2,600.

take home salary for me : 4500/month
take home salary for wife : 2300

= 6,800 combined take home

-HOA dues 46
-Electricity 200
-water&garbage 70
-car payments 900
- cable 85
- cell phones 150
- car insurance 200
- life insurance 60
- groceries 400
- internet 65
- credit card debt 300
- gas 400


We are left over with about 1424 a month. Would you buy a home that left you with 1,424 a month when all is said and done. And yes, I have a pension system so I am contributing to my retirement...it is automatically taken from my paycheck. What do you think ? I say yes..lets go for it...she says no.
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Old 08-28-2008, 07:17 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,103,707 times
Reputation: 1008
not sure what the total mortgage payment will be, but it looks like you can afford it.....BUT the wife is always right.

You're probably going to get yelled at for going on a forum to talk about her.

Quote:
Originally Posted by heydade View Post
Here is the deal...my mortgage including taxes and insurance would be 2,600.

take home salary for me : 4500/month
take home salary for wife : 2300

= 6,800 combined take home

-HOA dues 46
-Electricity 200
-water&garbage 70
-car payments 900
- cable 85
- cell phones 150
- car insurance 200
- life insurance 60
- groceries 400
- internet 65
- credit card debt 300
- gas 400


We are left over with about 1424 a month. Would you buy a home that left you with 1,424 a month when all is said and done. And yes, I have a pension system so I am contributing to my retirement...it is automatically taken from my paycheck. What do you think ? I say yes..lets go for it...she says no.
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Old 08-28-2008, 07:27 PM
 
Location: Broward County
2,518 posts, read 9,700,322 times
Reputation: 1333
the total mortgage would be 2,600......Principal and interest would be 1,800 and taxes/insurance would be 800 extra so the total is 2,600. I am in South Florida...can't you tell ? it sucks
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Old 08-28-2008, 07:28 PM
 
Location: San Diego
32,823 posts, read 30,091,418 times
Reputation: 17698
If you can't make that on an extra 1400 a month then something is wrong.
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Old 08-28-2008, 07:45 PM
 
Location: Not where you ever lived
11,544 posts, read 25,107,591 times
Reputation: 6189
Default Do the math

Divide the total take home pay by 4. This is the amount you can afford to pay monthly INCLUDING the mandatory PMI if your down payment is not twenty (20%) percent.

In addition to a house and car loan, you can only afford ONE other monthly short term debt like a charge for a washer. Only one of htese short term debts at a time, please. Too many of the niggling little bills cause huge money problems you didn't anticipate.

Choose wisely, friend. .
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Old 08-28-2008, 10:14 PM
 
Location: Plano, Texas
1,676 posts, read 6,338,286 times
Reputation: 684
Quote:
Originally Posted by linicx View Post
Divide the total take home pay by 4. This is the amount you can afford to pay monthly INCLUDING the mandatory PMI if your down payment is not twenty (20%) percent.
In addition to a house and car loan, you can only afford ONE other monthly short term debt like a charge for a washer. Only one of htese short term debts at a time, please. Too many of the niggling little bills cause huge money problems you didn't anticipate.

Choose wisely, friend. .
PMI is not mandatory! You can do a 2nd mortgage or lender paid mortgage insurance. So, i would say the PMI is optional, you have choices each with benefits and drawbacks.
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Old 08-28-2008, 10:15 PM
 
Location: Plano, Texas
1,676 posts, read 6,338,286 times
Reputation: 684
Oh, forgot to add to earlier post, your debt ratio which lenders would look at is low enough to qualify. So according to the lender you can afford it but remember you have to write the check each month.
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Old 08-28-2008, 10:27 PM
f_m
 
2,289 posts, read 7,369,683 times
Reputation: 868
Maybe after you get rid of 1 or both car payments. Kind of expensive cars I would say.
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Old 08-29-2008, 12:45 AM
 
94 posts, read 670,359 times
Reputation: 85
$1400 could be a nice buffer one month and you could find it being seriously deficient another month. A root canal, new eye glasses, flooded basement, or a pet emergency and you're now over your monthly income. Also, what if one of you loses or takes a pay cut? I think your wife is right, keep looking for something that won't worry either of you and you can enjoy a new, less costly home - and save for fabulous vacations or home improvements!
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Old 08-29-2008, 12:02 PM
 
Location: Denver, CO
1,432 posts, read 3,879,011 times
Reputation: 883
I would definitely side with the wife...
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