Naa Situation evaluate cheyandi guys, wanted to buy a home in Seattle

[ttanmadaka]

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

[rISK_CONt]

Dude I stay in Seattle and earn half your salary and pay 4300/- mortgage monthly. With your family monthly earnings you should be good.

Don't think much move ahead and opt for single family homes.

Let me know if need help with Real estate agent/Mortgage broker, I know desis to help you.

[jpismahatma]

If scared don’t buy. 

[hydusguy]

3 hours ago, ttanmadaka said:

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

how much savings u will have after 20% down payment?..  1 year emergency fund? 

just if you loose your job.  are you confident u can get similar salary?

[Konebhar6]

3 hours ago, ttanmadaka said:

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

You should be able to afford easily. Also with rate cuts around the horizon, you can refinance later to reduce monthly payments. 
 

[chammakchandra]

3 hours ago, ttanmadaka said:

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

Evaluators won’t pay ur mortgage when u loose job and broke! Go with how comfortable you are paying monthly payment! Good luck! Especially if u r on visa.. high risk 

[enigmatic]

you are good. try to make a larger downpayment so you can to bring down the emi.

[Joker_007]

8 hours ago, ttanmadaka said:

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

Home Affordability Check:

Now, considering the home you want to buy is valued at $1.1 million, you'll typically need a substantial down payment and the ability to comfortably manage mortgage payments along with your other expenses.

Mortgage Considerations:

• Down Payment: Typically, a down payment of 20% is recommended to avoid additional costs like Private Mortgage Insurance (PMI). For a $1.1 million home, this would be $220,000.
• Monthly Mortgage Payments: Depending on the interest rate and loan term, your monthly payments could range from $4,000 to $6,000 or more.

Given your total household income and assuming moderate expenses for Seattle, WA, here’s a rough calculation:

Calculate Monthly Expenses:

• Housing: EMI , property taxes, insurance.
• Utilities: Electricity, heating, water, garbage, internet.
• Transportation: Car payments, gas, insurance, public transport.
• Groceries and Dining Out: Food expenses for the household.
• Healthcare: Insurance premiums, out-of-pocket costs.
• Miscellaneous: Entertainment, clothing, personal care, etc.

   So, total monthly expenses could be around  12,000 to 15, 000 roughly.

 

Worst Case scenario

I Generally recommend having an emergency fund that covers 3 to 6 months of living expenses in case both of you lose jobs.

Emergency Fund Calculation:

Based on your income and expenses, you should aim to have an emergency fund between $15,000 to $48,000.

• For 3 months: $12,000 (low end) x 3 = $36,000
• For 6 months: $15,000 (high end) x 6 = $90,000

If your parents are above 68 years then add 5k minimum for the emergency fund. 

Before proceeding with buying the home:

• Ensure you have the necessary down payment.
• Build up your emergency savings to cover at least 3 to 6 months of expenses.
• Factor in all expenses including mortgage payments, property taxes, and insurance.

[gudboy]

jeevitham 400K annual salary vallu kuda bayapaduthunnara to buy house 

[quickgun_murugun]

8 hours ago, ttanmadaka said:

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

People are living happily with half your salary around $160k. Your household income is very good.  Buy in a decent neighborhood with good schools. Don’t be scared! 

[sarfaroshi2]

Podduna podunney…migitha valani depression ki pampinche pani petkunava bro…

Aa salary tho ithe @Sonu_Patel kuda encourage chestadu.

[GelakoduKri]

9 hours ago, ttanmadaka said:

I'm working in USA, Naa Salary Base + Stocks anni kalipi: $280000.

My wife Salary: $80000

We are planning to buy $1.1M house in Seattle. First time home buyer ni, chaala bhayam ga undi, need house for my wife, and kids. I don't know if I can afford. Others please comment.

My salary is $540000 but I stay in a consultancy guest house with 14 years experience, Planning to move into a shared room . Any comments ? 

[Tellugodu]

30 minutes ago, gudboy said:

jeevitham 400K annual salary vallu kuda bayapaduthunnara to buy house 

That 400k annual pay can literally become “0” pay in a day. Especially in Tech companies. no job security whatsoever. Worst thing is managers are no being trained to “manage people out” to avoid paying severance/bad publicity of layoffs. 

[gudboy]

16 minutes ago, GelakoduKri said:

My salary is $540000 but I stay in a consultancy guest house with 14 years experience, Planning to move into a shared room . Any comments ? 

human trafficking ani case vey nee employer meeda 3 years lo GC vasthadi neeku   

[gudboy]

1 minute ago, Tellugodu said:

That 400k annual pay can literally become “0” pay in a day. Especially in Tech companies. no job security whatsoever. Worst thing is managers are no being trained to “manage people out” to avoid paying severance/bad publicity of layoffs. 

true 400K salary ante overnight he did not come to that number kada..

if they are making 400K means they will have significant savings for emergency and downpayment etc. Ala job pothundi ani bayapadithe no one can buy home and antha bayam unte he can buy home which he can afford with one of their single salary