When can you "afford" a house?

[alkemyst]

New numbers

Annual $100,000.00
Monthly $8,333.33
Taxes @ 20% $1,666.67
FICA $637.50
Net Monthly $6,029.17
5% 401k $416.67
Health $500.00
Vision $15.00
Dental $10.00
Alarm $15.00
TV/Phone/Inet $200.00
Car Loans $500.00
Car Fuel $200.00
Car Insurance $300.00
Cell $150.00
Electric $250.00
Food $650.00
Fitness $30.00
Water $100.00
Total Monthly $3,336.67

Net Income $2,692.50

FICA caps out at $117k so earning a little more washes that a bit.

Also car insurance I listed is pretty high for most areas (esp those that are not no-fault).

 

[JM Aggie08]

New numbers

Annual $100,000.00
Monthly $8,333.33
Taxes @ 20% $1,666.67
FICA $637.50
Net Monthly $6,029.17
5% 401k $416.67
Health $500.00
Vision $15.00
Dental $10.00
Alarm $15.00
TV/Phone/Inet $200.00
Car Loans $500.00
Car Fuel $200.00
Car Insurance $300.00
Cell $150.00
Electric $250.00
Food $650.00
Fitness $30.00
Water $100.00
Total Monthly $3,336.67

Net Income $2,692.50

FICA caps out at $117k so earning a little more washes that a bit.

Also car insurance I listed is pretty high for most areas (esp those that are not no-fault).

Who does your monitoring for so cheap? I've been shopping around.

 

[alkemyst]

Who does your monitoring for so cheap? I've been shopping around.

Those numbers are just averages...my monitoring is cheaper than that per line.

Alarmsystemstore.com 888-811-0727

Direct link to the monitoring: http://www.alarmsystemstore.com/Alarm-Monitoring-Service-p/monitoringbase.htm

They are excellent.

One line is $8.95 per month (paid as 107.40 per year).

My GSM uplink is an additional $150 per year ($12.50/month)

The staff is professional and fast to reply. I get calls for low battery and power outages even. They don't try to hint you that you are using the wrong secret word either. If someone gives the wrong password, they just say thanks and roll a police officer to the location. I have dealt with both ADT and Brinks and if you give the wrong word gotten back "Are you sure that's the password?"

If someone has a gun to my head and hears that, it's not going to be good.

I also used that company (Andy Bowman is the Owner/Operator and excellent) for my full DSC system, I have 36 zones. 2 Fire/Smoke, 3 Motion Detectors, 7 glassbreaks, 24 window/door contacts and GSM, landline and IP monitoring...pretty substantial system.

 

[Capt Caveman]

Ohh really?

So you are saying that % earned in the money market is equivalent to Interest % on a loan?

We are talking Grain of salt vs Mars here.

More /facepalm

Another one who knows zero about the time value of money. I'll take my sub 4% mortgage and double digit returns on my investments over your money market account any day of the week.

I know you wouldn't post very much here but you really shouldn't post on things you don't know much about which is most everything.

 

[moonbogg]

You'd have to be lucky to buy a house, but really its something your born into.

 

[TheSlamma]

I don't listen to people who have black and white opinions. I've very set in this belief.

while I don't get people who think everything is B&W, I don't understand people who think everything is grey either. Is ISIS raping women and killing children in the grey area between good and evil?

 

[alkemyst]

More /facepalm

Another one who knows zero about the time value of money. I'll take my sub 4% mortgage and double digit returns on my investments over your money market account any day of the week.

I know you wouldn't post very much here but you really shouldn't post on things you don't know much about which is most everything.

The scary part is if you can afford the 'save' the interest difference on a 4% loan vs 8% loan on a $350k house over the 30 years and assuming the market will average 9%.

That's about $2MM in your account in 30 years ($1166 per month into a fund)

 

[JM Aggie08]

You'd have to be lucky to buy a house, but really its something your born into.

Wat.