Even at 3% interest rates, a 600K mortgage (so 750K home with 20% down) alone is 2.5k/m. Once you count taxes, and home insurance, we're talking 3.5K/m. Most homes in the DC area cost more than 750K, especially if you consider homes big enough for a family of 5. I'm scratching my head on how the 2.5k/m number was calculated. |
+1. Private school for 3 kids on $185k! My grandmother would call this "putting on airs." |
How was that a struggle? We did it on half your income. |
No |
Don't do it, OP. Speaking as a parent who has had kids in public and private, private is only worthwhile if you can *comfortably* afford it. That's not you. Get to know your neighborhood school, you might be surprised how much you like it. And if you decide to switch later, if your finances improve a lot...you can do that. There is more than one private school out there. And if you are worried that you're shutting door...maybe just write a note and say you are sorry to turn down their offer but your family decided you couldn't afford it. They will respect that and will have no trouble filling the spot. Private school can have advantages over public school especially in middle school, but it can also have disadvantages. Read more. Your are still at the beginning of your parenting journey with 1 kid entering school. It feels momentous, like something you really have to get right, just like buying an infant stroller, but it doesn't matter as much as you think. Your child's academic success is much more about your household than it is about their school. |
(Also--you need to plan financially for contingencies--retirement, job loss, medical issues, parent dementia, etc. Put private school on the back burner.) |
+1 Let's see: Property taxes home Maintenance/fund for shit that breaks and must be repaired Auto Maintenance Auto loan & Auto insurance Health care: Payments for coverage thru your employer and what you actually pay OOP per month/year Entertainment More $$ for food because I doubt you feed 5 people on only $800/month I could go on, but you need a detailed budget, not some fuzzy math |
In your shoes, I would say unquestionably “no.” |
No. The costs will continue. You have 3 kids and are at 185k. The math does not work.
Our kids are in private now. We can do it and not feel crunched until high school. The only way we are affording high school and college is major sacrifices. Situation is are are divorced mid 40s. Two kids. We each make about 200k a year. I have 780 in retirement. Ex has $1 million and a pension. We both own homes. We have about 60k saved for college. Our plan is that when high school costs 25k a year for each kid in a few years, we are both selling our homes and renting so we have plenty of money to fund both private high school and 4 years of college for the kids. We see no point in maintaining large homes when there is no one home post college: we are downsizing to pay for high school and college. Most people are not willing to do this. |
OP, what is your spouse's income trajectory looking like? How soon will your salaries be rising, and by how much.
Btw, we have 3 kids (5th thru 9th grades) and groceries all in cost us $20k/year. Older kids start to eat way more. Also, their activities, sports, camps, etc cost a ton. If they are in private, they will definitely be amongst friends who are on teams and in activities which your kids might want to do, but you will have to say no. That can be rough. |
I do not recommend this. We tried doing something similar 10 years ago, and it was too much of a financial strain at that HHI. |
Unless you had free housing or only 1 kid, no you didn't. |
Yes, we did. But, we bought a house you’d never live in. It’s all about priorities. |
Count me as someone who would not do this. |
That’s a stretch for 3 kids.
Don’t send any of them to private school until middle. Elementary kids are universally cute and not into bad behaviors until middle. Start paying for the private schools now if the school offers a plan to prepay, I think whatever you pay is tax deductible but I’m no expert on that |