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Washington, DC suburbs in Maryland Calvert County, Charles County, Montgomery County, and Prince George's County
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Old 10-30-2015, 03:28 PM
 
45 posts, read 71,075 times
Reputation: 59

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With regards to the $400-500k house. How much money do you have for a down payment and how many other monthly debt obligations do you have?

Assuming you little debt you should be able to buy in that price range. Even without much money for a down payment you could possibly get 100% financed through Navy Federal or if by chance you have a VA loan available to you. I can help you figure out the calculations and how the mortgage will affect your taxes (end of year).
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Old 10-30-2015, 07:02 PM
 
26 posts, read 40,399 times
Reputation: 17
Quote:
Originally Posted by selhars View Post
That doesn't depend on what you MAKE...that depends on what you SPEND, AFTER you get that paycheck in your pocket.
I pay:
-- $225 month for monthly parking in DC
-- a $50 surcharge on my health insurance because I won't signing up for wellness screening (and let a company wellness person know my health information

You may have allotments or deductions from you paycheck you don't even know about yet. And I'm not even talking about how much you might put into a 401K or choose to save from AFTER-tax dollars.

Whether you can "afford it" depends on where you live, your commute and its cost, and a number of other your own personal lifestyle choices.
Yes, I understand that. For now, I do not have any outstanding debt and commute would be around 10-20 min, since work is in germantown. The only expenses are for my toddler's school and apart from that we live a very low key lifestyle..., havent been to see a movie in the past year (cause of the toddler), eat out once a week, cook at home, basic cable, basic phone...etc..etc..

I didnt think about the 401k contribution thing and the deductions, will also take that into account..thanks.
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Old 10-31-2015, 04:39 PM
 
Location: Maryland
18,630 posts, read 19,418,524 times
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Quote:
Originally Posted by G-fused View Post
To be conservative, calculate net salary as 60% of gross = $2538.5 every 2 weeks. That's a rough and IMO, a pretty conservative estimate. We have no idea what your health insurance contribution will be.

Best of luck
Yup that sounds about right.
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Old 10-31-2015, 04:40 PM
 
Location: Maryland
18,630 posts, read 19,418,524 times
Reputation: 6462
Quote:
Originally Posted by jauburn View Post
I think it would be more accurate (and conservative) to use 65%.
I personally use 65% as well but 60% is cool too. I think 60-70% for most wage earners should cover it.
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Old 11-01-2015, 03:55 PM
 
Location: Miami, Floroda
650 posts, read 868,222 times
Reputation: 405
There's mortgage calculators and how much house I can afford online.
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Old 11-02-2015, 06:04 AM
 
6,459 posts, read 7,796,492 times
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Quote:
Originally Posted by buffalo2012 View Post
ok, thanks, I guess I can keep that in mind. Even I dont know what the health insurance contribution will be, I have asked for the benefits paperwork, so should know more.
Gee, that extra 5% adds a lot (sarcasm).

I was debating between 60 or 65% and got tired of thinking about it so went with the more conservative number but sure 65% works too. Point is anywhere around there is an ok estimate as a rough guide. Go with 60% to be on the safe side and put whatever you have left over into your 401k.
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Old 11-02-2015, 10:24 AM
 
155 posts, read 234,147 times
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If you're moving to Clarksburg for work, you can live even further out and get a cheaper house if that is of interest. Look at the map and look at the surrounding areas. Lots of homes in the country that can be had for less.
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Old 11-02-2015, 07:17 PM
 
26 posts, read 40,399 times
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Quote:
Originally Posted by OpenMind11 View Post
If you're moving to Clarksburg for work, you can live even further out and get a cheaper house if that is of interest. Look at the map and look at the surrounding areas. Lots of homes in the country that can be had for less.
Do you mean areas like Damascus, Mount Airy and Ijamsville, are these considered country?
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Old 11-03-2015, 09:56 AM
 
155 posts, read 234,147 times
Reputation: 80
Well, yes, those area's are nearby and more country compared to the other direction of Germantown onwards. The ones you listed all have small bultiup towns, but a vast portion of the areas are rural and country. Also consider Monrovia. There are other options in MoCo (Boyds/Comus/etc) that are nearby. Ijamsville/Mt. Airy/Monrovia and the likes could land you in Frederick County, which you may prefer. All depends what you're looking for and how far you want to drive.
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Old 11-05-2015, 01:02 PM
 
Location: Downtown SS
88 posts, read 116,147 times
Reputation: 81
Quote:
Originally Posted by jauburn View Post
I think it would be more accurate (and conservative) to use 65%.
don't bet on it. I'm at 77k and my net is 62%... health insurance is only like $25 a pay period. that includes 401k deductions
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