Topic: With no other debt, if you bring home $4,300 a month can you afford a $1,500 mortgage payment?
Posted by .
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The payment includes property taxes so no other debt or payments.

Can I do it or is it financially risky?


Posted by .
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Sure. Yolo.


Posted by .
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If you're single, sure.


Posted by .
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If you have a secure government job and you are 25 then go for it. Otherwise no.


Posted by .
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Why is everybody saying no


Posted by .
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35%  is doable.

Are you comfortable that the $4,300/month gig is somewhat stable?

Would you still have some savings cushion?

Any other fees like condo or HOA dues that could go up?

What percent are you putting down?

Does that $1,500 include mortgage insurance?  How much?  How soon could you ditch that?

Are foreclosures in your state recourse or non-recourse?  (in a non-recourse state, the lender's only remedy is getting the house back.  If they can't sell it for enough to make them whole, too bad.  In a recourse state, they can come after you for any deficiency)


Posted by T-34.nli
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Nah might cut a bit close into the weed budget :bonghits:


Posted by .
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. said: Why is everybody saying no

­Gee, I don't know.  MAYBE BECAUSE A BUNCH OF COMMUNIST FILTH ARE LITERALLY TRYING TO DESTROY CAPITALISM ON THE PRETENCE OF SOME BULLSHIT FAKE VIRUS, WHICH THEY WILL THEN MERGE INTO SOME BULLSHIT FAKE "CLIMATE CHANGE / EXTINTION CRISIS" IN JANUARY, AS PART OF THE WORLD ECONOMIC FORUM'S "GREAT RESET".  YOU GORMLESS FUCKWITTED TARD.
\
:oldlady:

Cliffs Notes: taking on debt now is a move only a :winner: would contemplate.


Posted by .
Unregistered


. said: If you have a secure government job and you are 25 then go for it. Otherwise no.

­

yeah, at 25 it would be doable.  The older you get you have more things you need to spend on.


Posted by .
Unregistered


. said: 35%  is doable.

Are you comfortable that the $4,300/month gig is somewhat stable?

Would you still have some savings cushion?

Any other fees like condo or HOA dues that could go up?

What percent are you putting down?

Does that $1,500 include mortgage insurance?  How much?  How soon could you ditch that?

Are foreclosures in your state recourse or non-recourse?  (in a non-recourse state, the lender's only remedy is getting the house back.  If they can't sell it for enough to make them whole, too bad.  In a recourse state, they can come after you for any deficiency)


I am 53. The job is stable unless I get me tooed for laughing at a Polish joke or some such nonsense. I would be putting 40% down and would have $20,000 in liquid savings that aren’t index funds or 401k


Posted by .
Unregistered


. said:
­Gee, I don't know.  MAYBE BECAUSE A BUNCH OF COMMUNIST FILTH ARE LITERALLY TRYING TO DESTROY CAPITALISM ON THE PRETENCE OF SOME BULLSHIT FAKE VIRUS, WHICH THEY WILL THEN MERGE INTO SOME BULLSHIT FAKE "CLIMATE CHANGE / EXTINTION CRISIS" IN JANUARY, AS PART OF THE WORLD ECONOMIC FORUM'S "GREAT RESET".  YOU GORMLESS FUCKWITTED TARD.
\
:oldlady:

Cliffs Notes: taking on debt now is a move only a :winner: would contemplate.

You are saying stop living because fear is too much, somehow today the amount of bullshit going on is past some fine line? 

What if its your last chance to get on board with SOMETHING and theres not going to be a gear reset ?


Posted by .
Unregistered


. said:
You are saying stop living because fear is too much, somehow today the amount of bullshit going on is past some fine line? 

What if its your last chance to get on board with SOMETHING and theres not going to be a gear reset ?

*great reset :rolleyes:


Posted by .
Unregistered


. said:
. said: 35%  is doable.

Are you comfortable that the $4,300/month gig is somewhat stable?

Would you still have some savings cushion?

Any other fees like condo or HOA dues that could go up?

What percent are you putting down?

Does that $1,500 include mortgage insurance?  How much?  How soon could you ditch that?

Are foreclosures in your state recourse or non-recourse?  (in a non-recourse state, the lender's only remedy is getting the house back.  If they can't sell it for enough to make them whole, too bad.  In a recourse state, they can come after you for any deficiency)


I am 53. The job is stable unless I get me tooed for laughing at a Polish joke or some such nonsense. I would be putting 40% down and would have $20,000 in liquid savings that aren’t index funds or 401k

­You're poor.  Clearly.  Don't do it.  Wait 6 months, then buy the same property for pennies on the dollar.  Cash. :rolleyes:

Remember, houses in Dearborn, MI were $300k in 2008.  In 2009 they were $100. In 2011 they were $10. That's ONE HUNDRED and TEN, not thousand.
\
:moreyouknow:

"But it could NEVER happen HERE!  It's DIFFERENT this time!"
\
:what:


Posted by T-34.nli
Unregistered


. said:

I am 53. The job is stable unless I get me tooed for laughing at a Polish joke or some such nonsense. I would be putting 40% down and would have $20,000 in liquid savings that aren’t index funds or 401k

I am in a similar circumstance to you and recently asked these same questions.  For me I concluded that I was better financially to rent than to knock 150k out of the market.  Everyone is different.  I'm not keen on looking after a property either.  I think that is the determining factor -- if you really want a house you won't be happy without one.


Posted by .
Unregistered


. said:
. said:
You are saying stop living because fear is too much, somehow today the amount of bullshit going on is past some fine line? 

What if its your last chance to get on board with SOMETHING and theres not going to be a gear reset ?

*great reset :rolleyes:
\
:winner:

­Have it your way, but don't say we didn't warn you....

https://www.weforum.org/great-reset/

:facepalm:


Posted by .
Unregistered


Property taxes are about to go through the roof to pay for virus related debt


Posted by .
Unregistered


. said:
. said:
. said: 35%  is doable.

Are you comfortable that the $4,300/month gig is somewhat stable?

Would you still have some savings cushion?

Any other fees like condo or HOA dues that could go up?

What percent are you putting down?

Does that $1,500 include mortgage insurance?  How much?  How soon could you ditch that?

Are foreclosures in your state recourse or non-recourse?  (in a non-recourse state, the lender's only remedy is getting the house back.  If they can't sell it for enough to make them whole, too bad.  In a recourse state, they can come after you for any deficiency)


I am 53. The job is stable unless I get me tooed for laughing at a Polish joke or some such nonsense. I would be putting 40% down and would have $20,000 in liquid savings that aren’t index funds or 401k

­You're poor.  Clearly.  Don't do it.  Wait 6 months, then buy the same property for pennies on the dollar.  Cash. :rolleyes:

Remember, houses in Dearborn, MI were $300k in 2008.  In 2009 they were $100. In 2011 they were $10. That's ONE HUNDRED and TEN, not thousand.
\
:moreyouknow:

"But it could NEVER happen HERE!  It's DIFFERENT this time!"
\
:what:

Just keep waiting.  Until you are 60. To save some money. 
Trust me yuor stupid if you act now.
\
:oldlady:


Posted by T-34.nli
Unregistered


. said:
­Have it your way, but don't say we didn't warn you....

https://www.weforum.org/great-reset/

:facepalm:

Your reset will be digging canals in the Urals with a stick
\
:emma:


Posted by .
Unregistered


. said:
­Have it your way, but don't say we didn't warn you....

https://www.weforum.org/great-reset/

:facepalm:

looks like b.s. "forever changed" crap


Posted by .
Unregistered


Op here. I make $80,000, take 10% for 401k and have $600,000 in retirement investments. This is after a late life post divorce financial reset.

I will inherit north of one million in a decade or so but don’t like to think about or factor that in.


Posted by .
Unregistered


for our Boomer parents it was a no brainer.  High inflation came with big raises and then your monthly payment went from a third of income to maybe 10%.   

I don't see us getting raises soon.


Posted by .
Unregistered


. said: Op here. I make $80,000, take 10% for 401k and have $600,000 in retirement investments. This is after a late life post divorce financial reset.

I will inherit north of one million in a decade or so but don’t like to think about or factor that in.


why are you asking these tards it sounds like you have a lot :frown:

Theyll just tell you the sky is falling.


Posted by .
Unregistered


I pay that much for a one bedroom apartment. It's high, but I can walk away from my lease after a year and move to the projects. You would be stuck for 30yrs.


Posted by .
Unregistered


. said:
. said: Op here. I make $80,000, take 10% for 401k and have $600,000 in retirement investments. This is after a late life post divorce financial reset.

I will inherit north of one million in a decade or so but don’t like to think about or factor that in.


why are you asking these tards it sounds like you have a lot :frown:

Theyll just tell you the sky is falling.


I have some assets but my income is not impressive and I would be taking on debt late in life. Getting zeroed out in a divorce makes you gun shy. :shrug:


Posted by .
Unregistered


. said: Op here. I make $80,000, take 10% for 401k and have $600,000 in retirement investments. This is after a late life post divorce financial reset.

I will inherit north of one million in a decade or so but don’t like to think about or factor that in.

­

Given that, if the house will make you happy, do it.  You can afford it.  Presumably you've had a home before and you are comfortable with all the crappy chores it entails. 

Given your age, are you looking at a 15 year or a 30 year?  Each has it's plusses and minuses.  Rates are crazy low right now, and I have to think that we'll see significant inflation before your mortgage is paid off, which will make it easier to pay.   Even if you could to the 15 year, you might model getting a 30 year and banking/saving/investing the difference...you could always make a bulk principal payment on down the road.



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