I'm trying to fix my commute situation. I think I have a good opportunity here, I wanted to put some numbers out there to help me think through it and wouldn't mind getting a reality check from you guys.
Current salary 80k
Current home value 155k
Current mortgage PITI $1050/mo <--I've only been in this house ~6 months and put 5% down
Current Commute 600 miles per month, $160 tolls per month, 1.5 hours per day, 2 car family
I have an option to accept a promotion that moves me to another office in another city. Houses are available within walking biking distance of the new location, but are much more expensive.
Proposed Salary 83k-89k I'm told I'll get a "salary adjustment" I dont know how much, this is my guess.
Proposed Home Value 240K
Proposed Mortgage PITI $1400/mo <-- this assumes 20% down (48k)
Proposed Commute 60 miles per month, $0 tolls, ~3 miles bikeable commute
So, what do you think? The short commute would be a dream, but I feel that I would be somewhat house poor. Do you think I would be better off or worse off with the proposed numbers? I could get cheaper housing further out, but that tacks on more miles. 48k down payment is most of my available cash, this scenario assumes I would be dumping all that into a down payment to avoid pmi.