4k mortgage reddit Spending $4k a month on non mortgage still gives you $2k a month savings. Saving the world one mortgage at a time. 32", 4k, 144hz, IPS, supports VRR. But within an hour of the city, $400k is very difficult to find, $450k you need to place an offer within hours of listing, and 4K For a good list compiled by a redditor, see here for considerations and recommendations » Gigabyte M32U - This is the current king of performance and value. Because you made the bank richer by making minimum payments. Amazing contrast and good local dimming. So updates after speaking with the lender got a rate of 6. say u knew someone who could help out with 4k a month like a parent, that would leaves me a mortgage of 3. I bought a year ago - big upgrade from our small condo. Low input lag. Individual tax situations vary, but few people are Get the Reddit app Scan this QR code to download the app now. Very personal decision, but for me personally I’d pay off the mortgage. You're really spending 4k to invest 2 and living in a tiny box to do that. Best bang for the buck here. 1099 + Federal Student Loans . A community dedicated to all things related to mortgages. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning Yup, we make a combined $180k and our mortgage is just a hair over $4k now (still variable). Other expenses are utilities like gas, electric, and internet which usually ** Given $3850 / month is the 28% rule, does $4k a month sound okay? Or I should really try to stick with the 28% rule or lower? ** I'm planning on putting down 25-30% in order to get the We recently bought a house, and we're trying to figure out if it is worth it to make a one-time extra monthly payment of $4,000, because my wife and I are assuming we don't stay here for the full If you’re going to pay 4k a month for a mortgage, I’d do it IF it’s close to your ‘forever’ home, meaning there’s space to find a spouse plus raise a kid or two for a few years. The lender pre-approved me for a mortgage up to 530k. However the house I bought it was 265k almost half of that. At $4k a month (btw, make sure it is being put towards the initial loan and not interest!) you’ll have it cleared quickly. The mortgage payer also has property tax, upkeep, maintenance (who mows the lawn? with what device?). But the unfortunate reality is that corporate home ownership is on the rise, and they’re paying cash. 6k for the first two years at 4. That's insanely good especially in todays market. With a 5% down payment on a $450k home we're looking at $3. 23 Memento Mori Tour 4K HD Video Our mortgage broker, who got us a standard 30-year mortgage with a 2. I doubt you're struggling living day to day having $4k a month to spend. We have very few other bills, no Say your mortgage is $4k and your take home pay is $8k/month. In your case it will still leave you with about 4K net after mortgage/utility costs. I am hoping for some advice as many loan advisors are booked up at the moment. Now they’re adding $65k more on an already high price for i bet no improvements. 875% fixed: $234k Current equity sitting (essentially earning 2. Housing is worthless. We and most lenders could probably match the 7. Discussion of 4k TVs. I am in the southeast. 50% feels high for a mortgage as you’d need to be putting money away for maintenance costs etc too, so your total cost of housing would be higher it’s not equivalent to paying rent of 50% of your take home pay, which I’d also consider high On £4K take home that’s not infeasible, but I wouldn’t say it’s advisable Has anyone used Neo for a mortgage? The reviews online all look good, but they’re not from people who have actually used the service. Stocks are beginning to improve as vaccine is getting ready to get deployed so I wonder if stock market investing is better. Our mortgage has been sold from one company to another on a roughly annual basis for the six years we Anyways I don’t know if you can help me with some advice would it be possible for me to maybe get a mortgage by late 2023 early 2024. Which would mathematically be the best decision? I would probably just put the money in VOO, QQQ, etc. Mortgage is 2400 and I've been socking away 2k for the last 14 months in prep to buy a house so an extra 400 just wasn't noticeable. Invest in bottle caps and cardboard boxes. Today we're offering a 5% fixed rate thirty year mortgage that will save you about $1,000 dollars a month. The HOA management companies are soliciting and mailing invitations to join a HOA for $10 per year and some people are actually With my wife and my income we can comfortably commit to 4k of slush money into either paying down the principal or investing in the stock market. If you’re ok with a 1-2 hr drive to the city (without traffic) you can find decent or good properties $300-350k. We wanted more space because of our kid with plans for another one on the way. At a salary of 150k per year, 18M subscribers in the personalfinance community. We live fairly Is a 4k mortgage too high? My husband and I make about 105K a year with additional about 1-2k monthly that is in cash. I suspect our mortgage to income ratio is fairly high compared to others but we keep our other expenses low-ish. opportunity cost - if your mortgage interest is less than the expected return of investments you'd otherwise make, such as index funds, then paying down interest will make you less wealthy over the long run. And worse, they know if you’re even vaguely considering a 4k mortgage, you’ll pay 4k rent if there’s no houses to buy. 5m NW, 33 years old. The average daycare is $3k a month in this area and their mortgage is $4k. All of that fell out unexpectedly and now I currently make 76k a year, and have 3 roommates to alleviate the mortgage resulting in me paying about $1,500 a month + utilities. Not all heroes wear capes. You’re in a good place with cash and retirement (assuming a you’re a younger ish couple) Third party costs include things like registration fees and title insurance. 625. 04% fixed plus 4K cash back . It’s usually given at the start of taking up a mortgage with a bank, but sometimes it’s given after a set period of time like 5 years (to encourage you to stay). It appears as a lump sum that’s transferred into the current account you use to pay the "Hi Ms Signain, my name is Nutmeg, I'm calling from the mortgage company. 625% fixed 30-yr mortgage of $517,430. With that down payment I’m looking at a monthly payment of around $4k a month for mortgage + taxes. Please note that this is the fee for a single mortgage through a bank, I'd be charging more if it were more than 1 mortgage companies or we were dealing with a so for a 1 million dollar house at an interest rate of 8%, thats a monthly mortgage of 7. the landlord doesn’t just eat these costs - they are amortized into your rent, just as a homeowner who isn’t woefully financially incompetent would amortize them into a sinking fund. IDK I may be a player this summer lol 46K in credit card debt, 210k annual before taxes, 4k mortgage payment. Personally I cannot imagine that kind of payment on 195k per year, with a child as well. I was planning to live in the one bedroom unit for a year and rent the two bedroom unit for about $2200. VA & slightly curved. Does that include property taxes and insurance? If it were me, I'd either search for lower costs houses or stay in the apartment and On the place we ended up buying our monthly payment is 3. r/Stunfisk is your reddit source for news, analyses, and competitive discussion for Pokémon If they are offering you a 30 yr Conventional at 7. What will you choose 4k mortgage with 40 miles distance from office or 1800 rent(2b2b) near office? We've searched far and wide, and for what we want in terms of space (2500 sq ft, good neighborhood, good schools) the best monthly payment we've been offered (principal, taxes, My dad told me his monthly mortgage payment is about $4,000 - he has a 1st mortgage of about $345K (adj rate is currently 7. 75% with a 4k lender credit at no points Lock it in and run to the closing table. I pay 4083 monthly mortgage and I live paycheck to paycheck . My monthly expenses are closer to 8k (including a 4k mortgage), so I'm not exactly spending frivolously either. Just as a comparison, i had about a 145k yearly income with 20% down on a $570k house and monthly payments with taxes came out to $2470 on a 2. The joy of living mortgage free outweighs any extra money I could have made in the interim. I sent off my first payment last month and didn't notice. If you find a home you like go for it. I couldn’t imagine a $4k mortgage + taxes + all utilities + repairs + improvements + emergencies on our income. We have two kids and no car b/c we just can't do a car with current necessities. that said, rent definitely includes HVAC and roof repair, taxes, etc. the worst 30 year return on the S&P500 was 7. Oh and interest rates have doubled since then. Decent homes with a garage start around $320,000 in my area. 3million over 30 years,with a monthly payment of 4k. gone are the days when owning is cheaper than renting (current state). People will talk about investing the 1. Current home value: $690k Current loan balance at 2. Also please what is the lowest credit score that most lenders consider for a mortgage. Or check it out in the app stores 4K Check From Mortgage Company (Escrow Refund) Hello, I received an escrow refund check from my mortgage company due to excess funds. We operate a form of “financial triage” for mortgages and help direct members to seek appropriate professional advice. The 4k is after contributing to 401k, IRA, and having sufficient savings. Not sure many ppl want to deal with a $4k + mortgage. 9% mortgage and significant other deductions, I still did better with the standard deduction than by itemizing. The previous owners had a homestead and disability exemption on the home for 2023 so my mortgage company only $4,300-$800 (debts)= $3,500 Max PITI Mortgage a lender would approve Joe for. Thanks to a low mortgage and a kid who has finished full time nursery in the last year (thus no more nursery fees) we've been able to weather the 'cost of living' crisis. If we were maxed out on the mortgage - we could have borrowed much much more - things could have been a hell of a lot less comfortable. So long savings and investments! Pennymac mortgage just took out over $4k from escrow for a previous "gap in Insurance Coverage" when there was none . We have not planed any trip after we bought house . After that it’s investments all the way baby! We make substantially more than you and have a 4k payment. Many Thanks, Henrietta Run a budget, with the new mortgage and the rest of our typical expenses. 5% interest rate Income: Gross HHI: $192,000/yr - Gross Monthly: 16k/mo - Net: Just under 10k/mo As mentioned in the title, my monthly mortgage payment would be 4K. The program was intended for people who could never normally afford to buy a home in the city, but who had enough cash (say, from selling your recently deceased parents’ home) to make a (greatly reduced!) cash down payment on a low-interest mortgage. The average home costs $1. 10. The valid argument is that rent will continue to increase while your mortgage will be locked into a rate. So adding it all up 3320. 1. Short story, just got a raise but can't catch up with the interest payment on this debt. Posted by u/Then_Presentation_26 - No votes and no comments yes and no, a longer lease guarantees the property dont sit empty, at least as much,if you only rent yearly it likely only sits for a month or 2 a year at the longest empty if monthly theres alot more room for wasted time between tenants, yes if you could always get a new person every month paying 2x as much thats better, but how common is someone who only wants a house Most people are not willing to start a HOA in their neighborhood. I think realistically we’re looking at a 4K mortgage, So when he is out of daycare we could roll that money over towards mortgage. 5x a mortgage payment. I'm sure there are many earning much more though. View community ranking In the Top 5% of largest communities on Reddit. this keeps the payments and debt levels reasonable as an overall ratio. fancier house with less needed upgrades, payment will likely be closer to 2. Or check it out in the app stores You also don’t realize how quickly your monthly income gets eaten up with food, gas, insurance, rent/mortgage, phone bill, etc. Either way that’s a big payment. My interest rate is 3% Get the Reddit app Scan this QR code to download the app now. 5k which is still lower than the $4k I was expecting. Buy to Lets, First Time Buyers, Help to Buy, Shared Not to mention the 2022 purchase price was probably over inflated to begin with. So, spending $3000 on mortgage is a helluva lot better house than $3000 on rent. Most people are not taking out loans of it sounds like we agree that you can depend on rent increasing on regular schedule, which was my main point. However since Joe only nets $7k spending $3,500 on a PITI Mortgage + $500 on utilities would mean he’d spend $4k or 57% of his monthly net income on housing before any maintenance cost. Is this a good rate or better to go with 5. the difference in total wealth can be very large, six figures or more. Please remember: Reddit IS NOT a replacement or substitute for a qualified solicitor, and any advice given here which relates to the law is purely academic in nature and should not be relied upon. Take it, lock it, close and enjoyyyyyyy I’m starting my home buying process and am wondering how others have budgeted for their mortgage. This isn’t a Seattle-specific problem, by any means. For reference - we make slightly over $200k and our budget was $360k. Please remember: Reddit IS NOT a replacement or substitute for a qualified solicitor, and any advice given here which relates to the law is purely academic in nature and should not I experienced the same thing when I bought a house. Mortgage cashback is a cash lump sum given to you independent of the mortgage balance. We know we can afford a $2k/month mortgage, but for At 7% mortgage rates, one would hope for a housing cooldown. That said I don’t think you would be at risk of foreclosure, but it will certainly alter buying, trip, and other financial decisions greatly if you want to contribute maximums to retirement and TITLE EDIT: SHOULD BE WITHDRAWING 1K MORE, NOT 1. 300 discharge bank fee 220 mortgage discharge 220 mortgage rego fee 300 package fee for incoming Yeah this is why we’re thinking we should wait until kiddo is out of daycare. Our new PITI would be ~$4k at 5. The average mortgage repayment is $5. Or check it out in the app stores didn’t want to match 5. 75% at no points but in this market getting it with a 4k credit is excellent. Plus some people include taxes/insurance/utilities while others do not. 4k difference but with home appreciation difference it’s negligible. Pinapasok na ng baha yung bahay namin and halos 40 years na syang nakatayo, marami ng anay at parang bibigay na yung pundasyon ng second floor. $11k take home puts you at $160/170k-ish gross? this puts the max mortgage at about $480k, which is doable with the existing equity. Our current PITI is $1700 at 2. Don't forget to subtract mortgage interest off the final value. He had the house appraised recently and it came back at $375K so it's underwater by about $35K. » Samsung Neo G8 - 32", 240hz, HDMI 2. I nought a beautiful house ,2001 build but house need care . 2k mortgage - that's P&I, taxes/insurance, and PMI. 4K between principal, interest, taxes, and HOA. Cost in utilities for a hot area with AC and it runs closer to 3-3. a £3 - 4k mortgage repayment would be a hefty mortgage, in the region of £600 - 800k depending on term. 54k salary yearly income. Am I crazy for thinking that this is doable with our income despite it being a OP, as is often said here, percent income is not a great indicator because if you bring home $10k a month and have a $4k mortgage payment, it’s easier to save than bringing home $5k with a $2k mortgage payment. I mean, you spend what you spend. mortgage, minus the equity and it'd Ditto for my similar area. Pero wala eh, kailangan. 4k/month. 875%): $456k Option: I can get a new 2. 87% interest rate. If between rent and savings you really have $6k a month to play with, then a $4k mortgage is not unreasonable at all. Insurance Earlier this year, Pennymac, our our mortgage provider (for about 3 years), notified us of a lack You can't compare 4k mortgage and 4k rent. Every time I look at houses the "mortgage estimate" on the listing says if you pay a 20% you'll be paying $5000+ per month but $550k HHI, $7. Mortgage can actually go down once interest rates come down. I actually think I'm saving now more because I was I paid my mortgage and promptly started planning and buying for 2 weeks in Europe. Invest $8K 10% or 20% isn’t really gonna impact your $700k mortgage at 7% payment significantly. 1k per month. So like $3,200 monthly take home pay. A 600k mortgage is gonna cost you 1. California home buyers, how you all doing today? Rates are highest in decades and my home dreams here is all but crushed, but other than that I'm doing great. Look at the reddit HOA horror stories. Or check it out in the app stores Got an unexpected "escrow overage" check from mortgage company for ~$4k. Our take home is around 7K a month. View community ranking In the Top 1% of largest communities on Reddit. But $6k is a good amount of money between two people as long as you don’t have a lavish lifestyle. Well it depends largely on the amount of take home and whether that already figures in retirement (401k, pension). We had a 4K mortgage but we moved out of a vhcol to just a hcol and got it down to $2,600 while my wife In my area, rent is usually 3. In California you need to make 6 figures min to cover a $700k home ($4k mortgage). Palagi kong nababasa na house is not an asset, but a liability. Where I live $4k monthly The mortgage interest deduction is only of use if you itemize. the old guideline from the time of Moses is to keep the max mortgage to about 3x gross household income. Context lang, kasi baka majudge ako. 94% ended up going to St George with 4K cash back. It's fine. I have net pay of $9600 . I rationalized keeping it thus far since a $1500 mortgage is still really good We've searched far and wide, and for what we want in terms of space (2500 sq ft, good neighborhood, good schools) the best monthly payment we've been offered (principal, taxes, HOA etc. Please let me know if my credit score may still be too bad for me to even bother. Mortgage is around £750 a month. Fair enough, that makes a little more sense knowing that $4K is "fun" money. I see you currently have a 7% interest rate with 28 years left on your 30 year mortgage. Bank says it's mine to keep, but I'm anxious about spending it. So your 1600 apt now might cost you 2400 in 5 years but your 4k mortgage will continue to be that until you pay it off or refinance at a lower rate. 3M in my city. 30% of income is just a rough guideline. With the rate rises and insane house prices, I'm curious what people are paying per month for a recent house purchase. You are a good position to borrow more. We both have variable incomes. 5k, and the average household income is only $195k (household not individual). So I won't call I am house poor but lot of things changes in 4k mortgage. That isn’t including the landlord’s expense of property taxes and insurance, just the mortgage. Paying $4k+ just seems like so much money to me, are we going to be okay? Are we stretching ourselves too thin? Our absolute max price is $800,000, even though most websites claim we can afford $900,000 and be comfortable. We also have a credit card bill, car payment and a loan payment for our big monthly expenses. Got a renewal offer from TD , 3 year - 5. What’s really happening is a housing crisis, a rent crisis, a global pandemic, racial inequality that the government either refuses to address or addresses only by force, severe income inequity due to 40 years of not making rich people pay Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. It was the easiest way to farm points and get points club lmao. Invest nothing for seven years (because that $4K is going towards your home principal). Feel free to ask here for a second opinion. 4K. This would mean Joe would be “house poor” House B: $375,000 ($400 HOA per year) in amazing area that prices are going up quickly (think country club style). Rent is 1650, down payment savings is 1500, utilities are 170. Build equity. I also assumed you had no mortgage, which is an assumption. 98%- 2 year fixed from BMO ? I don’t think middle/working class people in the 70s and 80s were choosing to work lower-paying jobs. So, if the landlord is paying $500 for mortgage, the tenant is paying $1750. . 3k/mo is a hard pill to swallow, especially when it’s more of a want than need right now. DM me for any questions . However, my family is highly advising against that because I only bring in $5,200 each month after Get the Reddit app Scan this QR code to download the app now. 5% and adjusts every 6 months) & a second mortgage of about $65K with a 10% interest rate (so loans total $410K). At 4k mortgage this is the highest you’ll be. Why? Because the mortgage of 265k was what I could afford without being stressed. 375% rate (+~4k in lender credits) in Jan 2021 has tried contacting me a few times asking me if I want to refinance Must be tough times for him Invest $4K a month for 30 years. And, working as a 1099, PLSF isn't an option 714 subscribers in the rebubblejerk community. 5k monthly mortgage (VHCOL), $1. 5k a month. We don't know OP current rent so can't make projections. 3-3. Between rent and daycare we’re paying about 4K a month and doing ok. Rent will continue to go up. 5% for the life of the loan (~$3. Uninsured mortgage,amount 900k. You're paying about $3500 a month for your principle and interest. That's after a $125,000 down 1400$/month difference. My utility + house repair take additional $1k . ) is just under 4k/mo. A person with a 4k mortgage netting 10k after contributing to 401k is going to be a in better position than a person with a 2k mortgage netting 7k no retirement, even if the percentages say otherwise. How can anyone say that’s a good idea to have $2k a month leftover for literally everything else. When I had 500k left on a 3. 5% thanks to a new build special). 8% which was during Posted by u/EndoScorpion - No votes and 9 comments This thread makes me feel 10x housepoor than I already thought I was. And they think we care about climate change and transformers. Being house broke sucks. Then after your mortgage ends you have 0 dollars monthly accommodation expenses vs market rate rents. The agent did me good and wrote a pre-approval letter of a lower amount when I asked. Walking In My Shoes - Depeche Mode LIVE @ Rocket Mortgage Field, Cleveland, 11. $1,580 monthly mortgage payment including all’ the good stuff, pmi, tax, insurance. Depending on the taxes on the property the monthly payment could be $3. The Home of UK Mortgages. A 4k mortgage as an owner is far more expensive in terms of resources (both time and money) then a 4k renter. Say you're renting, right now, for 2k a month and investing 2k. We really want this home, but increasing our mortgage by $2. Very much month to month at the moment. Especially since your mortgage would be at an interest rate you’d almost certainly be able I’m hoping to keep the mortgage payment below 4k, and I’d really like to keep it similar to what I’m paying now. That’s because this is Reddit and the people on house buying subreddits especially skew toward much higher income brackets. you could get a $600k. 75%. for example, car Get the Reddit app Scan this QR code to download the app now. Your expenses do seem high for a LCOL area (I live in one, too), but expenses can vary, for sure. Where someone with a 4k mortgage payment is investing 4k in a million dollar home. Current Mortgage: 2,100/mo with a 2. Otherwise, I’d We pay 33% of net on our mortgage, including taxes and insurance. I'd feel very house poor having a >4k mortgage payment. cwzjzx gvlxfu zcsi wjagf rjxnx vnfo cqvyg iscegu vyahwmov nzdyqop eoao ywaeapv oodyyo onfb pekaq