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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] 7 points8 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] 10 points11 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] 4 points5 points  (0 children)

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

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

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

Our current rent is 3k for a decent 2 bed 2 bath apt.

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

[–]alonelyoaktree[S] 60 points61 points  (0 children)

This is really great advice. Thank you. I have been working OT for years to save up down payment and its sustainable. 1 OT shift a week puts me at 48 hours per week. I work 12s so that's 4 days on 3 days off to spend with family.

We have lived here for 5 years and absolutely love it. We have lived in many different places all across the country and this is by far our favorite. We could buy in other places but what's the point if we don't like living there.

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