John (Caller)

My grandma had a heart attack after my grandpa passed.

Yeah, pretty close.

That's my reason for staying in New York City, even though it's pretty expensive, because I would say I love my family and want to be close to them.

Yeah, yeah, probably travel to Europe or something.

I haven't looked yet.

Hi, Ken and John.

Thank you so much for taking my call.

I really appreciate all the work that you guys do.

Yeah, so I've lived in New York City my whole life, born and raised here, and I'm looking to purchase a one-bedroom apartment here, which...

Um, you know, the, the price point that I'm looking at and seeing for something that's not a total closet is around 600 to $750,000.

And, you know, over the past years I've worked really hard and followed your guidance and teachings to get to the point where I have, um, the ability to put down 20%.

And when I look at my budget the past few years, I think from an income perspective, it actually makes sense to, uh,

To do that, but I figure if I do it on a 15-year fix and do 20% down, I'm looking at approximately 37% of my take-home pay.

And then if I do a 30-year, it would be 29%.

Now, the take-home pay after taxes is approximately $12,500 per month.

So if I went with the higher end of that, $750K, 15-year fix,

looking at about $4,700.

Now, my intuition is as a 25-year-old single person, the $8,000 per month after the housing payment, I mean, when I look at my budget the past few years, I'm spending, you know, at most $1,500, $1,750 on the really, really high end per month on expenses outside of housing.

So, I figure that, you know, I should be okay.

I mean, that still would leave about six