How much house?

[Anonymous]

Assuming a 20% down payment, what income (HHI) would you need to buy an $800,000 home? Lets say you also wanted to max out retirement accounts each year for both parents as well as fully contribute each year to 529s for two kids.

[Anonymous]

300000

[Anonymous]

What do you mean fully contribute to the 529s?

[Anonymous]

529K limit is $13,000 per kid
401k limit is $17,500 per employee
----------------------------------------
$60,000 a year

20% down on $800,000 is 160,000 with a mortgage of $640,000


PITI is $3597.12
Required Salary $139243.53

But you need to add about 60,000 to that to do your savings.

Total salary around $200,000

[Anonymous]

Anonymous wrote:529K limit is $13,000 per kid
401k limit is $17,500 per employee
----------------------------------------
$60,000 a year

20% down on $800,000 is 160,000 with a mortgage of $640,000


PITI is $3597.12
Required Salary $139243.53

But you need to add about 60,000 to that to do your savings.

Total salary around $200,000

That really isn't accurate about the 529 limits. Both parents can contribute, plus you can frontload it. OP - what dollar amount are you planning on contributing every year in total (for all kids)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:529K limit is $13,000 per kid
401k limit is $17,500 per employee
----------------------------------------
$60,000 a year

20% down on $800,000 is 160,000 with a mortgage of $640,000


PITI is $3597.12
Required Salary $139243.53

But you need to add about 60,000 to that to do your savings.

Total salary around $200,000

That really isn't accurate about the 529 limits. Both parents can contribute, plus you can frontload it. OP - what dollar amount are you planning on contributing every year in total (for all kids)?

That is true, if you make a large payment you can't contribute for a years to the 529 http://www.axa-equitable.com/plan/education/529-plans/contributions-and-withdrawals.html.

[Anonymous]

Anonymous wrote:Assuming a 20% down payment, what income (HHI) would you need to buy an $800,000 home? Lets say you also wanted to max out retirement accounts each year for both parents as well as fully contribute each year to 529s for two kids.

We have a $350,000 mortgage and max out 401k, and put a few thousand a year into 529 each. We do that on $220,000 a year. Double our mortgage and I'd want to be in the $275,000 range. We do however generally live frugally, no fancy cars, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:529K limit is $13,000 per kid
401k limit is $17,500 per employee
----------------------------------------
$60,000 a year

20% down on $800,000 is 160,000 with a mortgage of $640,000


PITI is $3597.12
Required Salary $139243.53

But you need to add about 60,000 to that to do your savings.

Total salary around $200,000

That really isn't accurate about the 529 limits. Both parents can contribute, plus you can frontload it. OP - what dollar amount are you planning on contributing every year in total (for all kids)?

OP-
$16k ($8k per kid) for 529s
Childcare - $36K($1500 per kid per month)
Food, clothes, entertainment $60k ($5k per month)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:529K limit is $13,000 per kid
401k limit is $17,500 per employee
----------------------------------------
$60,000 a year

20% down on $800,000 is 160,000 with a mortgage of $640,000


PITI is $3597.12
Required Salary $139243.53

But you need to add about 60,000 to that to do your savings.

Total salary around $200,000

That really isn't accurate about the 529 limits. Both parents can contribute, plus you can frontload it. OP - what dollar amount are you planning on contributing every year in total (for all kids)?

OP-
$16k ($8k per kid) for 529s
Childcare - $36K($1500 per kid per month)
Food, clothes, entertainment $60k ($5k per month)

Is this correct? Seems excessive to me. You could easily trim that and have more money towards your mortgage.

[Anonymous]

Anonymous wrote:300000

+1