$300k HHI- $6k monthly PITI- bad idea?

[Anonymous]

I wouldn't do it because I like having lots of breathing room in the budget, and socking away lots of money every month. But, if you don't care about those things and are okay just maxing 401ks and spending every other available cent, it's doable.

Personally, I wouldn't feel comfortable with $6k PITI unless I had about $350k HHI

[Anonymous]

PP here. Why not just wait a couple years? I you really are on the upward trajectory as you think, then you should have some breathing room in 2 years. Move then.

[Anonymous]

https://www.redfin.com/how-much-house-can-i-afford

[Anonymous]

That redfin calculator is awful. Says I have a recommended price of $1.3M and a recommended max price of $1.6M... with $280k income. Um, nope.

[Anonymous]

Anonymous wrote:$300k HHI generally on an upward trajectory. No debt. 2 kids with nanny plus preschool eating up about $3k/mo but both will be in public school in a couple years. Contemplating buying a house that leaves me with $6k PITI. Will be tight now but better once kids are in public school not to mention any income growth. Anyone in similar position making it work or struggling?

OP curious what your take home pay is?

[Anonymous]

I agree with the others saying it's a bad idea. Our HHI is about 30-40% higher - also have two kids. I wouldn't dream of such a high payment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$300k HHI generally on an upward trajectory. No debt. 2 kids with nanny plus preschool eating up about $3k/mo but both will be in public school in a couple years. Contemplating buying a house that leaves me with $6k PITI. Will be tight now but better once kids are in public school not to mention any income growth. Anyone in similar position making it work or struggling?

HHI is $360K, PITI is $5,500. We are still paying for a daycare center for 2 kids. We are able to max out our 401K contributions, put $400 into each kids 529 monthly, and take a modest vacation each year. But it IS otherwise tight. I personally can't imagine a $6,000 PITI on $60K less HHI. Hope you aren't buying a home that needs work/renovations.

What other savings do you guys have monthly other than 401k, 529? We are so similar in HHI and and PITI is $6k and nothing left over.

[Anonymous]

OP has a beer budget and champagne tastes.

[Anonymous]

Anonymous wrote:https://www.redfin.com/how-much-house-can-i-afford

Heavens no! Redfin's not the one who's going to be paying your mortgage.

[Anonymous]

300k a year leaves 17k a month take home.

Can you live off of 11k a month?

If you live in the DC area with secure jobs then you could go up even higher.

Out in flyover country with no jobs, no
[Report Post]

[Anonymous]

We have a 400k income and have that on 3 houses (2 are future retirement homes in the NE and SE) I swear when those 2 dont break even with rentals. I would not lick myself into a non income producing mortgage like that. However my financial goals include a comfortable retirement and kids college paid for by us, plus some travel.

[Anonymous]

Anonymous wrote:We have a 400k income and have that mortgage on 3 houses (2 are future retirement homes in the NE and SE) I sweat when those 2 dont break even with rentals. I would not lock myself into a non income producing mortgage like that. However my financial goals include a comfortable retirement and kids college paid for by us, plus some travel.

Wowsers, corrected.