Anonymous wrote:Anonymous wrote:Anonymous wrote:OP here - monthly debt is student loans and car payment. We have no credit card debt.
The thrift police are at it again. We're in a similar income range, have the same debt, and also have no childcare (just $2500 a year for preschool). We could comfortably afford that mortgage while still saving for college, retirement, and home repairs, taking a vacation, shopping at Whole Foods, etc. We're pretty conservative with our money and spent a year watching where our money goes and sticking to a budget while we looked for a home.
You have just $2500 a year for preschool and no childcare payments and she has one child in full time daycare (my guess would be 1200-1800 a month) and since she is working will have ongoing childcare expenses (before/after care, camps etc). That's a big difference.
I think a lot depends for OP on whether they are going to have another kid.
Anonymous wrote:Anonymous wrote:Our HHI is $450K. Our mortgage payment is $5K/month (15 year and we have 75% equity in the house) and we spend $5K/month in childcare (3 kids). We have no debt and we max out on 401Ks, 529s, etc. We do save in addition to that, but we don't have much left over. Our vacations are funded by airline/hotel points and shopping is all at Target and Costco.
Wow. Our HHI is $435K and we save about 35% of our net income.
Anonymous wrote:Anonymous wrote:OP here - monthly debt is student loans and car payment. We have no credit card debt.
The thrift police are at it again. We're in a similar income range, have the same debt, and also have no childcare (just $2500 a year for preschool). We could comfortably afford that mortgage while still saving for college, retirement, and home repairs, taking a vacation, shopping at Whole Foods, etc. We're pretty conservative with our money and spent a year watching where our money goes and sticking to a budget while we looked for a home.
Anonymous wrote:OP here - monthly debt is student loans and car payment. We have no credit card debt.
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!
Anonymous wrote:Our HHI is $350k and we have around $2000 a month in debt with one toddler in full time daycare in Montgomery County. Plan to do public school in 2-3 years. I recently had a promotion and a raise of an additional $2000/month net so we thought we could easily go from our current $2200/month mortgage to $4200 but we've found a house we really love and are thinking about stretching our budget a little. I am a little worried. Sound outrageous? Anyone else with a mortgage payment close to $5000?
Anonymous wrote:How much is the house with a $5k/mo mortgage? Doesn't seem crazy to me.