Finances with big mortgage

[Anonymous]

Anonymous wrote:We are at a similar HHI and net approximately $20k/month with 2 extra pay periods. After $7k mortgage, you have $13k/mo remaining. Is that not enough? Even if you allocate $6k for childcare, that’s still 7k/mo for basic living expenses.

I was thinking the same thing

[Anonymous]

Anonymous wrote:Another DCUM humble brag.

This.

If OP’s parents can fund a nanny, they can and probably will help with other grandchildren costs.

OP is living slightly above their means with the house purchase but, meh. They will be fine. No advice to be had without knowing other expenditures. It would be stupid to sell the house and buy another at this point so …

[Anonymous]

The problem isn't your house, it's your other spending. At 400k, even after maxing your 401ks, you should clear about 20k per month. Where's the rest of your money going?

[Anonymous]

Anonymous wrote:I mean, you are rich. Just do what you do. you’ll be fine, or your inlaws will bail younout.
Neexttt…

Right.

They are Totally fine. You are very rich and apparently will get richer. Plus family money.

[Anonymous]

We are the same age with two kids and a nanny, yet way ahead of you in terms of retirement. And we don’t have ATM grandparents, ie we pay for everything ourselves.

[Anonymous]

Anonymous wrote:We are the same age with two kids and a nanny, yet way ahead of you in terms of retirement. And we don’t have ATM grandparents, ie we pay for everything ourselves.

Cool

[Anonymous]

Assume your effective tax rate is 35% all in. That’s 21k take home every month. 7k is a third of that so you’re in decent shape.

I assume you’re in a good school district and will be able to use public schools? If so, you get through the preschool years when you’re paying for preschool (and a nanny?)

Maintenance on your home will probably be expensive. You’ll have to watch your expenses but unless there’s something you’re not staying here like student loans (which seems doubtful if grandparents are paying for a nanny) I don’t see why you can’t make this work.

[Anonymous]

7k may be a third of their take home but taking out such a large mortgage is foolish. It means you are slave to your job and dependent on a high income to maintain your lifestyle. We make the same income and our mortgage is 3500. But we don't have mommy and daddy to bail us out.

[Anonymous]

Anonymous wrote:The problem isn't your house, it's your other spending. At 400k, even after maxing your 401ks, you should clear about 20k per month. Where's the rest of your money going?

Yes, what on earth are you spending all your money on?

[Anonymous]

OP here -

Yes, 7k includes everything.
We live in McLean high pyramid, but we’re a ways away from kindergarten so that won’t be a factor for a few years.
The intent wasn’t a humble brag.

Key monthly expenditures:
2k preschool
.5k utilities
1k Amazon/Costco shopping
1k clothes/food/gas
1k lawn care/home maintenance
1k miscellaneous stuff
1k furniture/rugs/decor
7.5k total + TBD new baby costs

[Anonymous]

Anonymous wrote:We are at a similar HHI and net approximately $20k/month with 2 extra pay periods. After $7k mortgage, you have $13k/mo remaining. Is that not enough? Even if you allocate $6k for childcare, that’s still 7k/mo for basic living expenses.

Congrats, you have the mindset of someone who will be tied to their job until age 65+.

[Anonymous]

You were American UMC stupid to buy such a big and expensive house. You can sell and down size if you really needed to. But you don’t. Cut your monthly expenses (1k on furnishings? An extra 1k Amazon/Costco? Pls.). And then get money from your parents.

You are foolish with your money but you will be fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are at a similar HHI and net approximately $20k/month with 2 extra pay periods. After $7k mortgage, you have $13k/mo remaining. Is that not enough? Even if you allocate $6k for childcare, that’s still 7k/mo for basic living expenses.

Congrats, you have the mindset of someone who will be tied to their job until age 65+.

Got em! Even though not really

[Anonymous]

Anonymous wrote:OP here -

Yes, 7k includes everything.
We live in McLean high pyramid, but we’re a ways away from kindergarten so that won’t be a factor for a few years.
The intent wasn’t a humble brag.

Key monthly expenditures:
2k preschool
.5k utilities
1k Amazon/Costco shopping
1k clothes/food/gas
1k lawn care/home maintenance
1k miscellaneous stuff
1k furniture/rugs/decor
7.5k total + TBD new baby costs

That $2k total should be halved.

[Anonymous]

I love that OP has to spend 1K on furniture and rugs per month in perpetuity.