Is it crazy to borrow 800k mortgage on 300k HHI?

[Anonymous]

HHI of 250k here, and I am nervous about our $450k mortgage. But I am overly conservative.

[Anonymous]

Anonymous wrote:What would the monthly payments be?

We have an HHI of $280k and our mortgage is about $500k, monthly payments are roughly $2300. What you propose would almost double what we are doing. You wouldn't save as much money, and as PP said, it would limit your mobility.

Are you paying escrow out of that? If so, you must have low taxes and/or cheap insurance!

[Anonymous]

that does not sound right. we owe about 450k and pay $2700/mo.

[Anonymous]

We have a $765k mortgage at 30 year fixed at 3.5% HHI is $275k with a bonus of approx. $30k. Feels fine but less room for indulgences.

[Anonymous]

Anonymous wrote:HHI of 250k here, and I am nervous about our $450k mortgage. But I am overly conservative.

Are you also saving substantial amounts for retirement? Yes, 800K on 300K HHI is doable, but it might mean that your retirement and kids education (not public school, but college) takes a hit.

Yes, it is also true that your kids can pay for higher education (Law school, business school, post doc, med school) with student loans...but then the cycle of huge amount of student debts begin anew for the next generation. I would rather live in a small house, save for retirement first, then pay totally for kids college - so that they are launched in life with no student debt - and can do the same thing for their kids.

[Anonymous]

We are at $350k mortgage on $300k income. The numbers y'all be throwing out feel nuts to me but I'm also a big saver (max 401k, save $30-40k a year on top).

[Anonymous]

If by crazy you mean too conservative then yes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI of 250k here, and I am nervous about our $450k mortgage. But I am overly conservative.

Are you also saving substantial amounts for retirement? Yes, 800K on 300K HHI is doable, but it might mean that your retirement and kids education (not public school, but college) takes a hit.

Yes, it is also true that your kids can pay for higher education (Law school, business school, post doc, med school) with student loans...but then the cycle of huge amount of student debts begin anew for the next generation. I would rather live in a small house, save for retirement first, then pay totally for kids college - so that they are launched in life with no student debt - and can do the same thing for their kids.

I think you meant this for the OP. I am the 450k mortgage poster. But, yes, we are saving and investing a lot.