How much mortgage at 400k HHI

[Anonymous]

What is the max mortgage you would take on (or do you currently have) at 400k HHI in late 30s/early 40s? Other expenses - 500/monthly student loans, no car payments, $1k preschool/month, public school.

[Anonymous]

What is your full monthly breakdown? Surely you have more expenses than that.

[Anonymous]

I wouldn't want my total debt monthly payments to be more than 25% of my income.

[Anonymous]

What are the jobs and how easily could the income be replaced? My husband made that much in his last job, now he makes $220k. In some fields, it’s hard to find replacement jobs above a certain level.

[Anonymous]

7k max

[Anonymous]

39&41 here. We got into the real estate market 15 years ago. Income 525k. Mortgage 2400. If we were just starting out, I wouldn't go higher than $3500. This is because I know how incredible financial freedom feels.

[Anonymous]

$1m

[Anonymous]

HHI $360k with a $950k mortgage. No issues and save about $3-$4k a month

[Anonymous]

How long have you been at $400k HHI? How stable is it? We're right there but we don't think we will be for much longer, and $3500/month feels right for us. I guess if I thought it would last forever I'd go as high as $6k?

[Anonymous]

Anonymous wrote:HHI $360k with a $950k mortgage. No issues and save about $3-$4k a month

What's your PITI?

[Anonymous]

Rule of thumb is to buy a house that is double your HHI. We bought ours for 300k (20 years ago) at 150K HHI. It gave us enormous amount of financial freedom and fantastic SOL.

[Anonymous]

Anonymous wrote:Rule of thumb is to buy a house that is double your HHI. We bought ours for 300k (20 years ago) at 150K HHI. It gave us enormous amount of financial freedom and fantastic SOL.

I bought a house that is 3 times my HHI and I'm still saving a lot of money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Rule of thumb is to buy a house that is double your HHI. We bought ours for 300k (20 years ago) at 150K HHI. It gave us enormous amount of financial freedom and fantastic SOL.

I bought a house that is 3 times my HHI and I'm still saving a lot of money.

Same here. I think other posters have raised good points about how sustainable the income is. I think at $400K you're probably going to find something that works for you that is below the max you can afford.

[Anonymous]

Probably about $5500/mo. Maybe I'd stretch up to $6k/mo. if I loved the house and neighborhood

[Anonymous]

I personally would not go more than 1mil home with 20% down.
We are at 300k and have 350 mortgage on one house and 125 on rental property. I feel comfortable with this as we like to have money to play and travel to Europe at least twice a year.