Comparing Home Purchase / Loan Scenarios

Nice spreadsheet.

A long time ago I wrote a similar comparinator (Dr. Doofenschmirtz) for the IHB using javascript.

I may have missed it but is there a line for maintenance/upkeep costs for home ownership?

I also don't think that there is a nice 3b/2ba home that rents for less than $3k in Irvine. I used $4k and only in the $1m scenario, there is a slight loss.

I know the big thing during the bubble was rental parity and while I do recommend renting if your household is not stable... if you plan to live in a certain area for an extended period of time and can afford it, buying just makes more sense.
 
I still haven't seen a model with a line for tithes (and offerings). Can't go under gifts or misc. 
 
OpenSky said:
paperboyNC said:
$250K/yr in income and only $300/mo on cars including gas, maintenance, etc?

Usually, that income level offers a company car. But if you have to ask....

This is not accurate. Some companies do company cars at that level. Not most.
 
bones said:
OpenSky said:
bones said:
OpenSky said:
qwerty said:
OpenSky said:
paperboyNC said:
$250K/yr in income and only $300/mo on cars including gas, maintenance, etc?

Usually, that income level offers a company car. But if you have to ask....

This is not accurate. Some companies do company cars at that level. Not most.

It's a model. It's meant to be tweaked. I haven't seen an executive level role that didn't offer a car allowance or a company car. Doesn't mean they're not out there, but in my experience - which includes non-profit work with over 150 executives in various companies across the LA/OC basin - a car allowance is the rule, not the exception.

That's why you are a brave soul for even posting a model - I would never post mine for this reason alone.  Everyone's a critic :)

Heh... I don't mind the criticism-- any 'good idea' should stand up to criticism. And hell, I've been wrong so many times before it's helpful to open the kimono and challenge my thinking.

haha.  agree.  except so far, all you've gotten are people misunderstanding the point of a model and how inputs should vary depending on your personal situation. 


i wasnt complaining about the model. i have my own as well. i was just saying the statement regarding most executives having cars is not accurate.  im at a public company, our CEO is the only one who has a company. as an auditor at a big four, i audited plenty of public companies, only one had a car allowance. i audited plenty of private companies as well. the majority did not have car allowances/company cars.
 
when i was at the big 4 i did get reimbursed for mileage in excess of my normal commute to the office. that is pretty much standard business practice all over the place.  i guess you guys view this as a car allowance but they are just reimbursing for your wear and tear and gas on your car for making you drive above and beyond what you normally would to your home office.  we got reimbursed for cell phones as well. any parking outside of your home office was reimbursed.  we paid for team lunches on the firm/client, etc.  if we worked more than 10 hours a day we would get free dinners, at some clients, depending on the budget we would buy dinners regardless. 

i guess you guys have a much wider view of a car allowance than i do.  to me a car allowance is what goes on your w-2 as income, otherwise you are just get reimbursed for your expenses.

i thought the real savings came from all the meals that were for free. there were months though where i had audits about 40-50 miles from the house where i was making several hundred dollars on top of the free meals.  while it helps, i dont know that i would really budget those benefits. id rather be conservative and budget as if i were paying for everything and then have the pick up when you are under budget.
 
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