How much house can we afford?

[Anonymous]

If you're going to sell the house and all the proceeds will be used towards the new purchase you'll probably be able to afford $2mm ($1.6mm+$400k)

[Anonymous]

Anonymous wrote: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 ?

Yes, correct. We plan to sell.

[Anonymous]

You already live in a home much more expensive than your HHI would normally allow you to afford. You can probably trade up a little bit but your HHI isn't that high so I'd stick below 2.5 or 2

[Anonymous]

Anonymous wrote:You already live in a home much more expensive than your HHI would normally allow you to afford. You can probably trade up a little bit but your HHI isn't that high so I'd stick below 2.5 or 2

That’s what I don’t get is how the house was that much when the income is modest

[Anonymous]

Anonymous wrote:
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.

You can get a 500K mortgage on that income.so add whatever you want on top for total price.

[Anonymous]

Purchase whatever you want, and quit gloating.