How much house can we afford?

[Anonymous]

What would you say is a comfortable price range for me to consider?

We have:

Paid-off real estate: 1.6M
Mortgage: 175k left
Savings: 1.1M
Income 1: 97K (but plans to retire in 10 yrs)
Income 2: 80.5k (plans to work 15+ yrs)

3 kids in grades 6, 4, 2. We prepaid VA schools 14 semesters and put aside 200k for another.

[Anonymous]

stay where you are and retire earlier than expected

[Anonymous]

Why are you moving? What is paid off real estate - the equity in your current home?

[Anonymous]

Don't move

[Anonymous]

Great job OP. Don’t move

[Anonymous]

What is ‘savings’? Is that liquid savings? Or is that retirement plans?

[Anonymous]

HOW is this possible.

[Anonymous]

Unless you plan to use some of that paid off real estate towards your purchase, your new house should probably be less 450k with that income and a 20% down payment.

If you are going to use some of that 1.6M, well, then I would pay cash.

[Anonymous]

OP can you give a little more context as to where your $ comes from beyond the ~$175k or so of annual income?

I’m just stumped as to how you have $1.1 mil in savings and a $1.6 mil paid off house and are easily prepaying for 14 semesters of school and tossing another $200k to the side for another child’s school on that salary.

[Anonymous]

Anonymous wrote:HOW is this possible.

My guess - Family money. Start-up stock. Sale of company. Lottery win.

[Anonymous]

Anonymous wrote:OP can you give a little more context as to where your $ comes from beyond the ~$175k or so of annual income?

I’m just stumped as to how you have $1.1 mil in savings and a $1.6 mil paid off house and are easily prepaying for 14 semesters of school and tossing another $200k to the side for another child’s school on that salary.

DH and I both maxed out our 401Ks since our twenties. We both worked two jobs until the kids were born. I used to make 30k more at just one job when the kids were first born but took a mom-job to help more with kids. We did get 400k from inheritance.

Our house has a weird layout and we want a more fluid home in a good school district.

[Anonymous]

What is "paid-off real estate" ?

[Anonymous]

Anonymous wrote:What is "paid-off real estate" ?

Equity

[Anonymous]

Equity in land or a home ?

Are you willing to sell that land/home/building worth $1.6 million in order to purchase a different home.

[Anonymous]

Are you trying to communicate that your home worth $1,6 or $1.75 million has a remaining mortgage balance of $175,000 ?

Do you plan to sell this real estate property in order to purchase a new home ?