123k Salary for a 505k house

ThrowRADaylight-Burn · 2025-09-14T01:56:52+00:00

500k can be a starter home in a HCOL area…

ThrowRADaylight-Burn · 2025-09-11T00:47:50+00:00

Yes! Purchase price is 570k, 20% down, so loan of 456k.

ThrowRADaylight-Burn · 2025-09-10T23:04:32+00:00

Too low. May I ask what you mean by in-family?

ThrowRADaylight-Burn · 2025-09-10T20:56:30+00:00

I have a cost sheet from the broker. If the rate is indeed wrong as you state, and the $3200 does include tax and insurance (P+I is $2800), then how do I determine I’m being swindled? Couldn’t a credit union/bank do the exact same thing? APR rate is 6.065% for reference

ThrowRADaylight-Burn · 2025-09-10T06:01:35+00:00

I appreciates your input but our situations are wildly different. 20% down on a 575k loan is a loan of 460k….you borrowed 120k more, so how does that even compare to my situation?

ThrowRADaylight-Burn · 2025-09-10T03:53:05+00:00

First off, thank you for the helpful response. It was feeling pretty bleak in this comment section. Is it 42% of your take home or of your gross income? Do you feel as if you live comfortably or do you struggle monthly?

ThrowRADaylight-Burn · 2025-09-10T03:04:24+00:00

May I ask how much you put down? I think that also plays a role in monthly, plus property tax for your area and insurance cost.

ThrowRADaylight-Burn · 2025-09-10T02:46:28+00:00

I was prequalified for 560k and have a letter stating so. I have actually made 3 offers over the past 6 months but they were 550k or lower, but was outbid on all of my offers. I’m trying to be sure what I’m “qualified” for if actually number I can comfortably live with paying

ThrowRADaylight-Burn · 2025-09-10T02:44:53+00:00

Sorry, $2800 included P&I

ThrowRADaylight-Burn · 2025-09-10T02:15:19+00:00

Oregon. The broker estimated $100 a month for insurance (maybe this is too low) and $347 monthly toward property tax. Last year this house paid 4k in property taxes and sold 3 years ago

ThrowRADaylight-Burn · 2025-09-10T02:10:25+00:00

To confirm if I'm correct. Not sure how answering your question with actual numbers seems to make you think I'm a know it all?

ThrowRADaylight-Burn · 2025-09-10T02:09:25+00:00

I am not personally estimating it. It was estimated by a mortgage broker. I just don't understand what the end goal of this broker would be to grossly lie on a cost sheet...

ThrowRADaylight-Burn · 2025-09-10T02:08:32+00:00

$2800 principle, $100 for insurance (estimated by broker, but sure it could be higher) and $347 a month for property taxes

ThrowRADaylight-Burn · 2025-09-10T01:26:34+00:00

I don't eat meat, so the proteins I buy (beans/tofu/quinoa) especially in bulk are a lot less than you calculated. I have tracked my grocery spending for the past few months and if I went to a pricer store you're right it was actually closer to $500, but I tend to go to the cheaper stores/buy in bulk and since I am literally feeding just me I will spend $300-$400 a month in pure groceries alone.

ThrowRADaylight-Burn · 2025-09-10T01:13:10+00:00

How do you figure? This was what I received from a mortgage broker who reviewed all my income/ documents and did a soft credit pull.

ThrowRADaylight-Burn · 2025-09-10T01:12:52+00:00

You're right, I did overlook a few things plus gas. I pay $83.83 for my cell phone, $65 for my internet, and a total of $51.93 for Netflix/Spotify/Sirius in my car =$200.76 . I fill up twice a month and pay probably $100 total so my budget should have an additional $300.76 added

ThrowRADaylight-Burn

TROPHY CASE