How much can we afford?

[Anonymous]

Anonymous wrote:New poster here...Reading these types of threads on DCUM has made me a bit nervous lately. Our HHI is just upwards of $145k and we have around $130k as a downpayment. We have child care which is our major monthly expense (about $2100), more than our current mortgage and condo fees which all told equal around $1800 a month. But I expect that the child care expenses will decrease in a couple years (oldest is about to start kindergarten, youngest is 2) and our income will also go up (right now I work PT). We have minimal debt in the form of student loans--no car payment, no credit card bills. We have been looking at up to $650k as a purchase price. Are others out there just very conservative? I sure thought we were...we live pretty modestly (by local standards that is) and have been able to save up quite a bit of money over the past few years.

Put it this way. We also have $130-$140k as a down payment, DH makes $165+ 30-40k bonus, I SAH (so no childcare), and WE are looking at a $650k purchase price. I would say that we are on the conservative side, but I would be very nervous in your shoes to spend that amount unless you are going to back to work really soon and your income is going to jump way up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DO NOT DO $525K!!!

I agree 100%. OP will regret it mightily if they finance more than 400K, mark my words.

Why? With rates this low I would finance as much as possible. This is a once in a lifetime opportunity

This post is so moronic I won't dignify it with an explanation.