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Should I decrease my 401(k) contributions to be able to afford a more expensive mortgage?

I am 46 years old, and my wife and I make about $200,000 a year. We are ready to buy our first home. We live in New York where the cost of living is high and we're not willing to relocate just yet. We do not have kids and we live slightly below our means. We have about 10 months of emergency savings; however, some of that would be used towards a down payment. I max out my 401(k) contributions and I have approximately $140,000 in my retirement accounts. I understand that we should spend about 30-35 percent of our net pay on rent/mortgage, but would it be irresponsible of me to decrease my contributions to my 401(k) in order to afford a slightly higher mortgage? I would ensure that I still would continue to receive my employer's full contribution as well.

Debt, Retirement, 401(k), Real Estate
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April 2018

Do you have any additional debts (credit card, car loans, student loans, etc?) If so you are better off paying those debts off before you think about purchasing a home. But let's assume you're debt-free. You don't HAVE to have a mortgage that is 30-35% of your net pay. In fact, the goal eventually should be near 0% (paid off!) My opinion is that it would be more irresponsible to purchase a home with other debts, or purchasing more home than you can afford, than it would be to suspend 401(k) contributions for a short time to save up a larger down payment.

April 2018
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April 2018