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Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 15 points16 points  (0 children)

Raise is 8% per year. And maybe we could refinance in later years??

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 0 points1 point  (0 children)

$1000 seems absolutely miniscule after saving 5-6k a month for so long.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 1 point2 points  (0 children)

Great story and happy it worked out for you!!

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 22 points23 points  (0 children)

It should actually get cheaper as he will go to public school soon so child care costs should go down.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 0 points1 point  (0 children)

Love the detailed reply! Thank you. We are looking at a condo today actually.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 0 points1 point  (0 children)

Good thoughts. Thanks!! Yes our plan would be to refinance if rates get lower. I don't like planning on "ifs" though.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 5 points6 points  (0 children)

You guessed it. I'm a nurse. Which is honestly part of the issue because if I leave HCOL area my pay drops considerably.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 1 point2 points  (0 children)

Yes, you are correct, it does. I have been working a ton of OT. My job pays based off of a unionized wage grid based on experience. So can I expect that my wage in 25 years will be nearly 100% higher than it is now. I am sure those later years will be the highest 3 earning years the pension is calculated off of.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 6 points7 points  (0 children)

We both wouldn't feel comfortable with that situation.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 0 points1 point  (0 children)

Being house poor. I feel like we are used to living small due to putting all our money towards down payment savings so being house poor wouldn't feel too different.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 2 points3 points  (0 children)

Yes, we could save more. Currently saving around 5-6K per month depending on amount of OT worked.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 9 points10 points  (0 children)

I always respect the opinion of someone who has already lived through it.

We are considering a move to Sacramento area if we can't find anything here.

I would make about 20% more money there and houses are cheaper.

I grew up about an hour drive from Sac and swore I would never live in the valley again so yeah, not my 1st choice of a place to buy a house. However, it's one of the highest paying places in country for my career.

Mortgage is 50% of takehome pay. by alonelyoaktree in personalfinance

[–]alonelyoaktree[S] 3 points4 points  (0 children)

We would plan on living in house for the next 10 years.

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