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gagralbo t1_jadb75i wrote

Reply to comment by iranisculpable in I can’t wrap my head around if I can actually afford to buy a home by [deleted]

Right now we are both putting 11% of income to retirement and an additional $1700/month into savings

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iranisculpable t1_jadfclp wrote

175 * 0.11 / 12 = 1600 a month retirement savings.

1600 + 1700 = $3300.

I suggest

  • lowering retirement contributions to the level needed to maximize employer match,

  • pay off your debts, and

  • then save more toward a down payment to reduce this ratio:

(mortgage payment including insurance and peppery taxes) / (Take home pay + retirement) to 25 percent

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