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Monthly Mortgage Payment


Sonu_Patel

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Callling financial experts, Average ga oka 800K plus home ki mortgage payment average $5.5k per month ostundi.. 

our monthly take home net is $10k after all 401k, health insurance,  other deductions .. blah blah

What do you suggest ? 

For example if any one in family gets laid off, in that case net amount will be less. how are people able to make these financial decisions. 

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both working ?

Planning to put 20% down ?

you have factor  P & I + Taxes + Home Insurance + PMI+ HOA + Utilities and also Maintenance costs. 

At least 6-8 months savings for payments  bank lo unte better.

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Just now, Complex said:

both working ?

Planning to put 20% down ?

you have factor  P & I + Taxes + Home Insurance + PMI+ HOA + Utilities and also Maintenance costs. 

At least 6-8 months savings for payments  bank lo unte better.

both working.. 10 % down and can pull 15% but it will wash out our savings. 

Morgage payment estimate $5.5k vastunadi.

what other maintenance costs should be considered ?

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2 minutes ago, Complex said:

If you are comfortably paying rent now ,

Current rent ki mortgage payments ki too much diff unde la chusukoku bro , this will help to plan payments and home budget.

Currently renting town home in Austin .. thinking to move Dallas and upgrade to single family home.

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20 minutes ago, Sonu_Patel said:

both working.. 10 % down and can pull 15% but it will wash out our savings. 

Morgage payment estimate $5.5k vastunadi.

what other maintenance costs should be considered ?

regular maintenance costs untay bro, builder will let you know for new homes

 

I think you are doing more than 50% of take home money , do you have kids? 

general recommendation is keep it around 30-40% 

I mean, if you can make it work, its up to you. No one knows better than you about your financial confidence and overview of your family expenses. 

 

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7 minutes ago, k2s said:

chatgpt ila chepthuni bro - 

Based on the information you have provided, the monthly mortgage payment of $5.5k on an 800K plus home represents a significant financial commitment. If you and your family have a monthly take-home net income of $10k after all deductions, this could be a source of financial stress, especially if your financial situation changes due to a layoff or other circumstances.

In general, it's recommended to consider your income, expenses, and overall financial situation before making a decision to take on a significant debt like a mortgage. Factors to consider include your monthly income, expenses, debt-to-income ratio, and your ability to meet your monthly mortgage payment in the event of a change in your financial situation.

You may want to consider speaking with a financial advisor or a housing counselor to help you assess your situation and determine the best course of action. A financial advisor can help you understand your options and make informed decisions about your financial future. Additionally, a housing counselor can help you understand the terms of your mortgage, explore your options for making your monthly payments, and help you plan for financial stability in the future.

Aa financial advisors db la masthu Mandi vunnaru..anduke ankul posted 

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55 minutes ago, Sonu_Patel said:

Callling financial experts, Average ga oka 800K plus home ki mortgage payment average $5.5k per month ostundi.. 

our monthly take home net is $10k after all 401k, health insurance,  other deductions .. blah blah

What do you suggest ? 

For example if any one in family gets laid off, in that case net amount will be less. how are people able to make these financial decisions. 

I think they will look at gross income not after taxes. I believe lenders want to see if your combined monthly debt and mortgage should not exceed 43% of your gross monthly you are making. 
 

Not sure if they run these numbers before signing a home or at closing. Experts help!!!

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