600k mortgage...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:170k. But we have 0 debt and no kids.

With no kids it would be easy on $170k.

We pay $4,500 a month for nanny plus school.
We pay $1,600 a month for mortgage.

4500 for a nanny is ridiculous on your hhi. We are close to 400k and have a 3.3k a month nanny .

I think the $4500 includes both the nanny and school costs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:170k. But we have 0 debt and no kids.

With no kids it would be easy on $170k.

We pay $4,500 a month for nanny plus school.
We pay $1,600 a month for mortgage.

4500 for a nanny is ridiculous on your hhi. We are close to 400k and have a 3.3k a month nanny .

I think the $4500 includes both the nanny and school costs.

FWIW As a $110k HHI, we pay $2000/mo for rent and utilities and almost $2k/mo in childcare...everything else takes a backseat but it's (barely) doable

[Anonymous]

230K here and I can't fathom having that loan. Of course, we're paying for private school tuition for 1 child, but that could be outside my comfort zone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a 15 year mortgage of $560K and it feels crippling at times. And we earn over $400K a year. Sorry if I sound like a spoil sport. I just cannot wait to pay off the debt.

OP here, thanks for everyone who responded. 600K reflects the loan itself, after a downpayment. We have no other debt except a very small student loans not worth paying off as interest on it is very low.
Our HHI is ~300K. Childcare takes a chunk out of my income. Am wondering if those who no longer have childcare...do you still feel tight? The house is really what I would love to raise my kids until they go off to college. But I feel nervous reading some of the DCUM's posts and how people like PP who makes 400K and feel tight financially.

Could you share with me your HHI and if your CURRENT mortgage is around ~600K. What are you expenses? Do you feel comfortable, with childcare costs and post when the kids are in school. Am not planning private school at all as we would be buying into a very good school district.

Thanks!

You should make a month budget to determine whether you can afford it or not. Without buying professional software, you can use Microsoft spread sheet to generate your month budget. You know your income, your expense (mortgage, car payment, student loan, child care, utilities, property taxes, insurance, et ). You can also group all the misc together (a cup of coffee, ice cream for kids, etc) and give it a $$.

[Anonymous]

LOL the most expensive house I ever bought was for $350,000 so I can't say. So glad I'm in my late 40s and don't have to worry about this. Maybe $300K?

[Anonymous]

Anonymous wrote:LOL the most expensive house I ever bought was for $350,000 so I can't say. So glad I'm in my late 40s and don't have to worry about this. Maybe $300K?

Are you chiming in from middle america?

[Anonymous]

mortgage just under $600K
HHI = $250K
Childcare = $2400/mo
Small student loans, 1 small car loan, which are combined about $1K/month

We max our 401(k)s and save (a bit) towards college. We are trending downward in childcare costs, and we will convert some of those savings to college funds.
I think it's totally doable. I don't feel particularly deprived.

[Anonymous]

we had HHI of 170K and mortgage of 540K. felt ok until one of us got laid off and now a little uncomfortable. you just have to keep those kinds of things in mind--they do happen. it should be fine once rehired. make sure you have decent size emergency fund.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a 15 year mortgage of $560K and it feels crippling at times. And we earn over $400K a year. Sorry if I sound like a spoil sport. I just cannot wait to pay off the debt.

OP here, thanks for everyone who responded. 600K reflects the loan itself, after a downpayment. We have no other debt except a very small student loans not worth paying off as interest on it is very low.
Our HHI is ~300K. Childcare takes a chunk out of my income. Am wondering if those who no longer have childcare...do you still feel tight? The house is really what I would love to raise my kids until they go off to college. But I feel nervous reading some of the DCUM's posts and how people like PP who makes 400K and feel tight financially.

Could you share with me your HHI and if your CURRENT mortgage is around ~600K. What are you expenses? Do you feel comfortable, with childcare costs and post when the kids are in school. Am not planning private school at all as we would be buying into a very good school district.

Thanks!

OP - I am the 400K PP above. I started writing out all of our financials and then realized that we are very conservative. If this is truly your dream house, then go for it. Just understand that you will be living with the pressure of the debt and having to keep up your income for a long time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a 15 year mortgage of $560K and it feels crippling at times. And we earn over $400K a year. Sorry if I sound like a spoil sport. I just cannot wait to pay off the debt.

OP here, thanks for everyone who responded. 600K reflects the loan itself, after a downpayment. We have no other debt except a very small student loans not worth paying off as interest on it is very low.
Our HHI is ~300K. Childcare takes a chunk out of my income. Am wondering if those who no longer have childcare...do you still feel tight? The house is really what I would love to raise my kids until they go off to college. But I feel nervous reading some of the DCUM's posts and how people like PP who makes 400K and feel tight financially.

Could you share with me your HHI and if your CURRENT mortgage is around ~600K. What are you expenses? Do you feel comfortable, with childcare costs and post when the kids are in school. Am not planning private school at all as we would be buying into a very good school distric

Thanks!

Same HHI as you and slightly larger mortgage. No student debt but have car payments also. Posters here are ridiculously conservative. Most colleagues I know of have purchased similar homes with similar mortgages. We are in our early to mid thirties.

[Anonymous]

Anonymous wrote:

Anonymous wrote:LOL the most expensive house I ever bought was for $350,000 so I can't say. So glad I'm in my late 40s and don't have to worry about this. Maybe $300K?

Are you chiming in from middle america?

Nope, NoVA. Last time I bought a house was in 1999.

[Anonymous]

Anonymous wrote:mortgage just under $600K
HHI = $250K
Childcare = $2400/mo
Small student loans, 1 small car loan, which are combined about $1K/month

We max our 401(k)s and save (a bit) towards college. We are trending downward in childcare costs, and we will convert some of those savings to college funds.
I think it's totally doable. I don't feel particularly deprived.

Wowzers. You don't spend much on eating out or clothes or other discretionary expenses, do you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:170k. But we have 0 debt and no kids.

With no kids it would be easy on $170k.

We pay $4,500 a month for nanny plus school.
We pay $1,600 a month for mortgage.

4500 for a nanny is ridiculous on your hhi. We are close to 400k and have a 3.3k a month nanny .

I think the $4500 includes both the nanny and school costs.

It does. The nanny is about $3.2k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL the most expensive house I ever bought was for $350,000 so I can't say. So glad I'm in my late 40s and don't have to worry about this. Maybe $300K?

Are you chiming in from middle america?

Nope, NoVA. Last time I bought a house was in 1999.

Good for you no one else can do that except for marty mcfly

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LOL the most expensive house I ever bought was for $350,000 so I can't say. So glad I'm in my late 40s and don't have to worry about this. Maybe $300K?

Are you chiming in from middle america?

Nope, NoVA. Last time I bought a house was in 1999.

Good for you no one else can do that except for marty mcfly

This is the funniest comment I have read in a while. Thanks for the chuckle!!!