Hi all - I'm in the very early stages of a separation-->divorce and I'm trying to figure out how much of a mortgage is responsible to take on when I find a new place. We're in a medium-high cost of living area but have been mustachian for a while so have enough for a 6 figure down payment on a house. I did a quick budget but I'm sure I'm missing things on the taxes side (how do standard deductions, childcare tax credits, etc factor in)? Of course I plan to max out my retirement account too (sorry for formatting):
Annual Monthly
Monthly Gross Salary 90000.00 7500.00
FICA & Medicare 6.2% and 1.45% 6885.00 573.75
PA Income Tax 3.07% 2763.00 230.25
Federal Income Tax 17% 15300.00 1275.00
Philadelphia Wage Tax 3.8809% 3492.81 291.07
403B 19500.00 1625.00
medical premiums 4838.16 403.18
Net take-home pay 37221.03 3101.75
But if I use some of these numbers (income) with a 15 yr mortgage, 3.5% interest rate, and $200k down on some of these online calculators, it thinks I can afford $2700/month on a $475k house!
https://www.nerdwallet.com/mortgages/how-much-house-can-i-afford/calculate-affordabilityBut obviously 2700/month with 3101 take home is unreasonable. I would rather avoid a 30 yr mortgage but it's unlikely I can find a house in the area I need for less than $350k, and even that's a stretch. So I guess my question is... with a 3101 take home pay, what % do you feel is reasonable to take an aggressive stance on a mortgage?
Thanks for any and all feedback!