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Here are some information about me:
-I'm 39
-I make 218k gross. I expect my salary to increase 3%-5%/yr over the next few years
-Preapproved for 700k condo at 4.250% 30yr fixed (assuming 15% down)
-I have 100k cash
-I have 15k in my 401k
-I have no debts but I will be getting a car soon
-I have monthly bills of around $1500
With taxes, and home maintenance etc my monthly payment would be around $3600
Last edited by lemonwhore; 07-11-2015 at 07:31 PM..
At age 39, 15k in a 401k plan is nothing. I had 15k in my 401k plan when I was 25. Unless you have a lot of savings or investments elsewhere, you really should focus on saving money rather than buying a 600k house.
At age 39, 15k in a 401k plan is nothing. I had 15k in my 401k plan when I was 25. Unless you have a lot of savings or investments elsewhere, you really should focus on saving money rather than buying a 600k house.
He/she also stated they had 100k cash. Savings doesnt have to be in the form of a 401k. I know op stated they were 39 but just a note - most 25 year olds today dont have that much savings because we all graduated with no job aspects and lower salaries thanks to older generations screwing it up for the rest of us Im sure someone somewhere can boast about how much awesome money they have at that age but for the vast majority its not common.
On that note i do agree 600k seems a lot. Do you have a large family or is it just you? I think youd probably be able to *afford* it but why over extend yourself and stress about such a large payment. Plenty of nice houses in jersey for 4-500k range. Significantly lower than you were approved for it seems and with that extra space youd have more money to enjoy life and put away for retirement.
Last edited by disneyfan89; 07-11-2015 at 07:22 PM..
If just one person, why spend so much money on a house?
Pre-approved is a different thing. I think the credit limit in this country is way too much. I'm pre-approved for 4 times of my pre-tax income, I will only use less 30% of the pre-approved amount.
He/she also stated they had 100k cash. Savings doesnt have to be in the form of a 401k. I know op stated they were 39 but just a note - most 25 year olds today dont have that much savings because we all graduated with no job aspects and lower salaries thanks to older generations screwing it up for the rest of us Im sure someone somewhere can boast about how much awesome money they have at that age but for the vast majority its not common.
I'm 27 and even I know it's idiotic to have that much cash on hand unless you need it for something like a house.
He/she also stated they had 100k cash. Savings doesnt have to be in the form of a 401k. I know op stated they were 39 but just a note - most 25 year olds today dont have that much savings because we all graduated with no job aspects and lower salaries thanks to older generations screwing it up for the rest of us
Hey, not all of the older generation screwed it up for "you." The top execs of corporate America were the ones who did--with the tacit help of the "paid for" politicians.
For example, you keep spending your money at Disney while they lay off hundreds of American IT workers and outsource/insource to India. And they are so blatantly breaking employment/immigration laws that those American workers must train their replacements to get any severance. Repeat thousands of times over the last 20+ years and we are now in the situation we are in.
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Im sure someone somewhere can boast about how much awesome money they have at that age but for the vast majority its not common.
