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02-10-2013, 08:18 AM
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Originally Posted by vcv View Post
I have a financial question.

My wife's sister is looking at houses and we all got talking about what you can or should spend. I always figured you shouldn't spend much more than twice your current yearly gross income on a loan. All the online calculators I've checked seem to indicate waaaay more.

Very tempting to look at upgrading though, that's for sure

I think the best way to do it is work it backwards. Made an honest monthly budget showing all bills, gas money, groceries, etc etc etc, give a good spending buffer for stuff like clothes shopping / car repairs / whatever, give a savings buffer that you'll stick to and feel comfortable with, and see how much you have leftover. Just doubling salary seems like a thirty second solution to a thirty year commitment.

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