Hi all, would love some opinions and insight for an impending home purchase.
I’d like to have a lower monthly payment, but unsure if I like the idea of selling too much stock, causing taxable event and also not having as much of a financial cushion for unexpected expenses, furniture, etc.
On the other hand, having a lower monthly payment will give us more peace of mind if we were to experience job loss or other income reduction.
Home price 1.7m
30 year fixed at 6.875%
Down payment 1: $510k (30%) payment is $9,698
Down payment 2: $620k (37%) payment is $8,976
Reading this as I type it, the net result is 110k in stock results in a $700 reduction monthly.
Not sure what else to consider here, or if this purchase is completely off base in the first place! Any thoughts or advice?
Finances
Married, filing jointly, one child on the way
Joint Income 450k/yr
Net worth ~1.86M
470k cash
815 brokerage (20 percent intl, 80 percent us)
575 401k/roth ira (same percent split)
Liabilities
Car 1 1400/mo 5% loan ending 7/25
Car 2 1400/mo 7% loan ending 1/28
I’d like to have a lower monthly payment, but unsure if I like the idea of selling too much stock, causing taxable event and also not having as much of a financial cushion for unexpected expenses, furniture, etc.
On the other hand, having a lower monthly payment will give us more peace of mind if we were to experience job loss or other income reduction.
Home price 1.7m
30 year fixed at 6.875%
Down payment 1: $510k (30%) payment is $9,698
Down payment 2: $620k (37%) payment is $8,976
Reading this as I type it, the net result is 110k in stock results in a $700 reduction monthly.
Not sure what else to consider here, or if this purchase is completely off base in the first place! Any thoughts or advice?
Finances
Married, filing jointly, one child on the way
Joint Income 450k/yr
Net worth ~1.86M
470k cash
815 brokerage (20 percent intl, 80 percent us)
575 401k/roth ira (same percent split)
Liabilities
Car 1 1400/mo 5% loan ending 7/25
Car 2 1400/mo 7% loan ending 1/28
Statistics: Posted by misterg — Sun May 26, 2024 11:31 pm — Replies 0 — Views 87