How much house can I afford?
I’m 28 years old looking to buy a house within the next 3-5 years. Ive been told as a general rule of thumb, you can afford a house that costs 5x your gross annual income. Here is my financial situation:
Girlfriend and I (soon to be married) gross income of 240k
115k in 401k/IRA
50k in a cash/investment account
800k inheritence. This figure is all invested in stocks and moves with the market daily.
Girlfriend has ~50k in student loans.
Ideally i would like my inheritence to sit there and grow overtime, but figure eventually ill need to dip into it in order for a downpayment on a home.
If I were you… you guys have good incomes, have saved money, and don’t need to buy for a couple years…I would endeavor not to touch the inheritance and just save enough for a down payment. Technically with the inheritance you could afford quite a bit of house, but since your young and have a good job, I’d mentally try my hardest to forget about the inheritance and focus on saving for a traditional down payment.
5x? Am i reading that right? I always heard 3.5x is the safe max. I am at around 4x and it feels like 4x when the payment comes around.
I guess the last 6 times you asked this you didn’t get good advice? 28% of your monthly income is a rough estimate to go towards your mortgage. Disregard the inheritance, a fortunate occurrence but could be gone quick if you extend your means.
I don’t like cost-as-multiple-of-income formulas at all. The reason is that your monthly payment can differ greatly for the same house depending on the interest rate you get. A given house is a *lot* more affordable at 3% than it is at 7%. So I much prefer the rule that total housing payments (mortgage and taxes) should not exceed 36% of your gross income; that accounts for interest rates, and taxes also vary quite a bit across the country.
Other rules, though, put limits on total debt payments. That would include the student loans, which I think is relevant here.
Why don’t you pay off the 50k first?
Simple answer: Not as much as you think
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Buying a dream home in Dubai is not an easy task. It requires a lot of money and there are a variety of loan options available in the market that can help you finance your home purchase. But with so many options, it can be difficult to choose the right one for your needs.
Trying to get a mortgage while you already have one can be challenging, but it is not impossible. There are a few things you need to consider before you apply, such as your mortgage type, insurance, debt-to-income ratio, and monthly payments. By understanding how your current mortgage affects your eligibility for a new one, you can make the best decision for your financial situation.
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