How much take home pay would you personally want to buy a $1.5M house right now?

[Anonymous]

Based on Redfin, monthly payments on the house would be around 9-10K. We have significant but temporary childcare costs (daycare for older kid who will be starting public school in a couple of years, plus nanny for now and then daycare for the baby, who will eventually also go to public school for kindergarten).

Otherwise we have no debt or other major expenses. We would refinance whenever rates come down. How much take home pay would you feel comfortable with for a 9-10k monthly payment?

[Anonymous]

If you can “afford” 10k a month, I question why you do not have a larger down payment. At 200k I’m comfortable with my 3000 per month payment, but we had a large down payment for our 1.3 house

[Anonymous]

Anonymous wrote:If you can “afford” 10k a month, I question why you do not have a larger down payment. At 200k I’m comfortable with my 3000 per month payment, but we had a large down payment for our 1.3 house

We don’t have enough saved to make a large down payment (paid off school loans, etc.) Probably not more than 25% if we want an emergency fund we are comfortable with.

[Anonymous]

There was a similar thread late last year - someone asked if they could afford $1.8M on a $300K HHI.

https://www.dcurbanmom.com/jforum/posts/list/1080313.page

[Anonymous]

Minimum 30k take home

[Anonymous]

600k hhi.

[Anonymous]

I wouldn’t bank on rates coming down.

[Anonymous]

I'm aggressive on real estate. I'd say one can afford a 10k/month house payment at HHI of 450k or more. This would assume (a) strong income stability and (b) anticipated income growth over time. But I'm aggressive on this, and most around here will tell you that you need more.

[Anonymous]

We make $490k plus $250k annual stock grant and I’m sweating at 7k for our 1.5million house.

[Anonymous]

We make 400 and are very comfortable with our 4,200 mortgage on our 1.2 house.

[Anonymous]

Anonymous wrote:We make $490k plus $250k annual stock grant and I’m sweating at 7k for our 1.5million house.

Can you elaborate?

[Anonymous]

Anonymous wrote:We make 400 and are very comfortable with our 4,200 mortgage on our 1.2 house.

How in the world did you pay so little? to get a $4200 PITI on $1.2M you need a 1% rate assuming 20% down??

[Anonymous]

I didn’t check your numbers but they seem a little crazy. We bought a 1.5 million dollar house a while back on an income of maybe 450K, but we put down 400K and our mortgage was less than $5,000 a month. We refinanced a few years ago and got the payment to around $3,000 a month. This is all not including taxes since we don’t escrow them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make 400 and are very comfortable with our 4,200 mortgage on our 1.2 house.

How in the world did you pay so little? to get a $4200 PITI on $1.2M you need a 1% rate assuming 20% down??

Downpayment is high and taxes are super low. Not a typical situation. It annoys me when posters put out these irrelevant stats.

[Anonymous]

$500k with one worker, $600k with two.