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Old 03-24-2018, 04:11 PM
 
4 posts, read 2,885 times
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Iím 33 and make 125k base with bonus Iím at approx 160k. I recently moved from a very senior role as an Avp at a small company to a junior quant role with a large financial services company. So My income should continue to go up. My wife does not work and I have three kids. Is there anyone out there in my situation? how much house do they think they could realistically afford. Iíd like to move up into another house that is newer construction and 5 bds. Most everything with those requirements in my school district is 550k+. Could I realistically afford 550k with 20% down and approx 10-11k in taxes?
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Old 03-25-2018, 08:34 AM
 
1,226 posts, read 520,311 times
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with 160k salary, you could probably pay off 550k in 10 years easily. does your wife homeschool the kids? that way you cut down on any private school costs. or have them attend public school.
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Old 03-25-2018, 09:38 AM
 
Location: Mid-Atlantic
24,974 posts, read 23,882,175 times
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There are dozens of these online.

https://www.usatoday.com/story/money...ford/97786268/
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Old 03-25-2018, 12:41 PM
 
368 posts, read 301,353 times
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Quote:
Originally Posted by DonaldJTrump View Post
with 160k salary, you could probably pay off 550k in 10 years easily. does your wife homeschool the kids? that way you cut down on any private school costs. or have them attend public school.
^^ No


Only you can answer this question and don't rely on online calculators unless they are incredibly detailed. Theoretically could you afford that? Yes, but there are a lot of variables (existing debt, spending habits, savings, risk tolerance, etc.).
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Old 03-25-2018, 04:34 PM
 
Location: Pennsylvania
5,537 posts, read 9,935,931 times
Reputation: 9051
Financing would equal about $2K a month for 30 years, taxes are almost another $1K, so you're up to three grand before you pay a single utility bill, insurance, maintenance and upkeep. It would be realistic if you were single, but risky supporting a family of five.
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Old 03-27-2018, 11:05 AM
 
Location: Mid-Atlantic
24,974 posts, read 23,882,175 times
Reputation: 30815
Quote:
Originally Posted by timeEd32 View Post
^^ No


Only you can answer this question and don't rely on online calculators unless they are incredibly detailed. Theoretically could you afford that? Yes, but there are a lot of variables (existing debt, spending habits, savings, risk tolerance, etc.).
And three children.
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Old 03-29-2018, 04:51 PM
 
1,210 posts, read 1,220,755 times
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Call Suze Orman. She can give you a good opinion if you can get through to her.
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Old 04-02-2018, 09:46 AM
 
4 posts, read 2,885 times
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I’m looking more for if anyone out there actually lives this scenario vs if they think it can be done.
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Old 04-02-2018, 11:01 AM
 
Location: Mt. Airy
5,311 posts, read 5,327,543 times
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So, you've been an AVP with a small company and now have a large salary with a finance company, have a family and you're asking a very general question to random people in an online forum? I don't get it. I can understand asking where you can buy for a certain price range to get feedback on Philly in particular, but I can't imagine you're at that level of salary and seniority and asking others to tell you what you can afford...

If this is for real, talk to a financial adviser. Or a loan officer. Or practically anyone but people on City Data.
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Old 04-02-2018, 11:37 AM
 
Location: Dude...., I'm right here
1,127 posts, read 704,525 times
Reputation: 596
There are too many variables for anyone to be in the same scenario as you. If you can come up with 20% deposit it is doable. If you can't, you are stretching yourself thin. The last thing you want is losing your home if anything changes.

Quote:
Originally Posted by Apple1212 View Post
I’m looking more for if anyone out there actually lives this scenario vs if they think it can be done.
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