PITI of 4500

[Anonymous]

OP, it will be very tough. We are at $240K HHI and have $4000 PITI, no children and no other debt. It's tight. $4500 would have been very tight, and that's with no daycare...

[Anonymous]

Anonymous wrote:That sounds tough. We make $170k (two incomes) and have a PITI of 2200 and a second mortgage of 500. We save for retirement and, minimally, for the kids’ college. It is tight. Maybe other circumstances would make it work for you but another $1400/month for housing would do us in.

That doesn’t mean I don’t think you should take the job AT ALL. I have a job with great work-life balance and wouldn’t trade it for anything. But I do think you should consider maybe living somewhere cheaper.

Your housing expenses are very reasonable for your income. This shouldn't be tight for you. You are burning money somewhere else.

[Anonymous]

Anonymous wrote:OP, it will be very tough. We are at $240K HHI and have $4000 PITI, no children and no other debt. It's tight. $4500 would have been very tight, and that's with no daycare...

This must be a joke. You should be very comfortable with $4k PITI for $240k HHI, no kids and no debt. Where is your money going?

[Anonymous]

Our HHI is $360K and our PITI is $6700. No issues and we are able to save $3k a month after all expenses including 2 kids with 529 plans.

[Anonymous]

Anonymous wrote:Our HHI is $360K and our PITI is $6700. No issues and we are able to save $3k a month after all expenses including 2 kids with 529 plans.

So you bring home around 16k a month and almost 7k is your mortgage you say you save 3k. So this leaves 6k, including 529s. How? I assume you don’t have childcare costs?

16k total

7k - mortgage
3k - savings
2k - guessing 529s
4K - to live off of (bills, cars etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our HHI is $360K and our PITI is $6700. No issues and we are able to save $3k a month after all expenses including 2 kids with 529 plans.

So you bring home around 16k a month and almost 7k is your mortgage you say you save 3k. So this leaves 6k, including 529s. How? I assume you don’t have childcare costs?

16k total

7k - mortgage
3k - savings
2k - guessing 529s
4K - to live off of (bills, cars etc).

Correct, no child care costs. Both kids are in elementary school. $1k towards 529 and $3K-$4k for bills. We also max out our 401ks. Out PITI of $6700 includes an additional payment of $1k towards principal. No car payments

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, it will be very tough. We are at $240K HHI and have $4000 PITI, no children and no other debt. It's tight. $4500 would have been very tight, and that's with no daycare...

This must be a joke. You should be very comfortable with $4k PITI for $240k HHI, no kids and no debt. Where is your money going?

DINKs pay a surprisingly larger bite in taxes that Single earner+SAHM+kids

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our HHI is $360K and our PITI is $6700. No issues and we are able to save $3k a month after all expenses including 2 kids with 529 plans.

So you bring home around 16k a month and almost 7k is your mortgage you say you save 3k. So this leaves 6k, including 529s. How? I assume you don’t have childcare costs?

16k total

7k - mortgage
3k - savings
2k - guessing 529s
4K - to live off of (bills, cars etc).

Correct, no child care costs. Both kids are in elementary school. $1k towards 529 and $3K-$4k for bills. We also max out our 401ks. Out PITI of $6700 includes an additional payment of $1k towards principal. No car payments

So where in your budget is money for holidays, travel, clothing, copays, transportation, etc?

Living off of 3k per month with two kids but then paying 6700 for your house is insane!!

[Anonymous]

OP what is your monthly spend? You know whether you guys bleed money or whether you have a really tight budget.

We make a little more than you guys will ($225K) and have a PITI of $3,500 with two kids in part-time daycare. I wouldn't say it's tight but we also have fairly minimal needs. We contribute $11,000 each year to IRAs in addition to maxing our 401Ks so one could, in theory, stop contributing to IRAs and have almost an extra $1,000 a month to devote to principal so I think it could be doable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, it will be very tough. We are at $240K HHI and have $4000 PITI, no children and no other debt. It's tight. $4500 would have been very tight, and that's with no daycare...

This must be a joke. You should be very comfortable with $4k PITI for $240k HHI, no kids and no debt. Where is your money going?

Fixing the 80 year old house, fertility treatments, retirement savings and yes, travel.