Author Topic: Another Housing Question!  (Read 148 times)

royals4706

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Another Housing Question!
« on: April 03, 2019, 12:02:36 PM »
What: A. How much to put into housing (Down payment size, 30 yr vs 15 yr.)
B. What to do with savings plan until that point (Max out my 401k in addition to hers, currently contributing to get the match at my company, cut our HSA contribution to $0)
Why: We would want her to stay home, or have the *Ability* to stay home and not rely on her income for housing payment purposes.
When: Summer 2020
Where: Northeastern USA (S. Jersey/Long Island). For arguments sake let’s say the property taxes will be around $14k/year.

Age: 27 (Both)

Gross Salary:
Total: $136.9k (Mine: $80k Hers: $56.9k) Potential Bonus/Extra Income: $3-8k

Debt:
Only Debt is Car Debt ($7.1k at “0.0%” int) ~$240/mo.

Retirement:
Roth IRA Total: $25.2k  (Mine $14.3k, Hers 9.0k)
Pre-Tax Total: $98.9k(Mine $85.2k Hers $13.6k)
HSA Total: $6k

Current Contributions:
PreTax (Mine): 3% Match + 6% Automatic Company Contribution
Pre-Tax (Hers): Full Contribution for $19k max for 2019.
HSA: Put down to $0 to focus on savings.
Roth IRA (Both): Plan to max out for 2019.
ESPP: 10% of Gross Salary. Planning to sell the purchased stock every 6 mos. after purchase.

Savings:
Liquid Savings (High Yield Savings Account): ~$205,000
Expected Liquid Savings (Conservatively):    ~$231,500 Conservatively (Could fluctuate add’l +$7k)
(Expected Savings are for 1 Yr From Now Based on Current Savings & Income)