Can we afford a monthly mortgage payment of $4900?

[Anonymous]

^^^^
PP here... yes, I'm fiscally conservative, I believe in "pay yourself first" and live off your last raise, not your most recent one ... the secret to early retirement is low overhead (whatever that means to you).

[Anonymous]

Anonymous wrote:Yes. Our HHI is a little over 300K and our payment is $5200. It's not a problem and we're comfortable. Just a heads up, most people who respond to threads about finances are extremely fiscally conservative and will almost always say whatever you want to do is unaffordable.

They're living too much in the future and not enough in the present.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How hard would it be to maintain if one of you both was unable to work? All other expenses included and additional expenses added, would you end up losing your home?

and by this logic, single people should not buy homes...

No one should buy a house they cannot afford. If you are single and could not afford your home and other expenses, it is a problem. Being single does not make you exempt from foreclosure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You'll be more than fine. Seriously.

DH and I make combined around $250K. Have 2 kids in daycare - $2800/month - and pay around $4500/month for a mortgage. And we still max out our 401(k)s and save in 529s and an emergency fund. And travel, gamble and take vacations. We have no other debt, and paid off our student loans years ago.

I can't get over how conservative some folks are here. My philosophy is to be prudent, but have fun living while you can!

How old are you and what's your net worth?

We're 36. Have over $500K in 401(k)s - value obviously depends on market fluctuations. Have $20K in 529s - kids are 4 and 1. Have 6 months saved in emergency fund. And some money in other random investment vehicles.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How hard would it be to maintain if one of you both was unable to work? All other expenses included and additional expenses added, would you end up losing your home?

and by this logic, single people should not buy homes...

No one should buy a house they cannot afford. If you are single and could not afford your home and other expenses, it is a problem. Being single does not make you exempt from foreclosure.

As a single gal, I bought a fab TH for $165K. Mortgage payment was $900 monthly. sold it for $365K

made a killing . . .

If you are fiscally conservative (I saved a crapload for down payment), you can do well!

[Anonymous]

Yes. But it will never end. If this is a $1 million house, one day you will find that you love your neighbor's $2 million house.

Find a place with good schools, pleasant neighborhood and commute, and maybe even a bedroom for every family member, and then quit while you are ahead.