7K Mortgage on a HHI of 500k

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I really can't believe the OP's question is really a debate. A $7K mortgage is easily doable on $500K. People on here must have crazy high expenses if they think things will be tight for the OP.

Right..we make about 550k and save 150k+ a year with a 6.5k mortgage. We live a great life. Even if our mortgage was 8k we would still save a good amount.

Thanks, I was really starting to think I was crazy. My spouse and I make $250K combined and are looking to spend $1.2-$1.4 million. We are mid 30s with no kids, and will be putting approximately 40-50% down. We have no family help, no inheritances, etc. We take nice vacations and don't really feel like we deprive ourselves of anything, but things like nice cars don't matter to us (and yes, I know having no kids helps a lot also). But I guess people really don't save anything because it seems like we are outliers in having more than enough for a big down payment. Can't believe our competition is people making $500-$600K; just figured they'd be aiming much higher.

We can afford over $3M, but looked in the 1.2-1.5 range because, where we live, most of the affluent people are in that range. We wanted a normal neighborhood for our kids and a smaller house footprint. All of the 2M+ houses have like 10k sq ft, massive pools, a pool house... we don't need all of that.

We agree. While we aren’t qualified for that high. Our HHI is about 675k and growing. We are capping out at 1.6M bc we don’t want a 2M+ Massive home. Too much upkeep, taxes, etc. i like having a smaller, well designed home.

[Anonymous]

I dont understand how you all are getting these homes given the bidding wars. For example I’d love a smaller, nicer home too and am looking in the 1.3 ranger but those go for 400 over. So when you say you’re looking in the 1.5 range do you mean you start at 1.1?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I really can't believe the OP's question is really a debate. A $7K mortgage is easily doable on $500K. People on here must have crazy high expenses if they think things will be tight for the OP.

Right..we make about 550k and save 150k+ a year with a 6.5k mortgage. We live a great life. Even if our mortgage was 8k we would still save a good amount.

Thanks, I was really starting to think I was crazy. My spouse and I make $250K combined and are looking to spend $1.2-$1.4 million. We are mid 30s with no kids, and will be putting approximately 40-50% down. We have no family help, no inheritances, etc. We take nice vacations and don't really feel like we deprive ourselves of anything, but things like nice cars don't matter to us (and yes, I know having no kids helps a lot also). But I guess people really don't save anything because it seems like we are outliers in having more than enough for a big down payment. Can't believe our competition is people making $500-$600K; just figured they'd be aiming much higher.

$250K income with a $1.2M-$1.4M house? You are nuts!

You are nuts for realizing a 700k mortgage on 250k is incredibly reasonably. No kids helps too.

They’re also putting 50% down. I’m doing the same with a higher priced house but mostly in cash. Cash helps a lot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I really can't believe the OP's question is really a debate. A $7K mortgage is easily doable on $500K. People on here must have crazy high expenses if they think things will be tight for the OP.

Right..we make about 550k and save 150k+ a year with a 6.5k mortgage. We live a great life. Even if our mortgage was 8k we would still save a good amount.

Thanks, I was really starting to think I was crazy. My spouse and I make $250K combined and are looking to spend $1.2-$1.4 million. We are mid 30s with no kids, and will be putting approximately 40-50% down. We have no family help, no inheritances, etc. We take nice vacations and don't really feel like we deprive ourselves of anything, but things like nice cars don't matter to us (and yes, I know having no kids helps a lot also). But I guess people really don't save anything because it seems like we are outliers in having more than enough for a big down payment. Can't believe our competition is people making $500-$600K; just figured they'd be aiming much higher.

$250K income with a $1.2M-$1.4M house? You are nuts! [/quote
That's around a $700k mortgage. It's definitely doable, particularly with no kids.

Maybe without kids, maybe. I remember buying a home in CCMD (in 2008), it was our "dream house" at that time. Our HHI was $245K, the home was $1.275M. We had two in public. I am telling you it was tight! Really tight. Granted rates were 6% at that time, but there were times I couldn't sleep at night. So maybe if you stick to $1.2M (still too tight for me), but $1.4M? no way.