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Real Estate
Reply to "How much house can we afford?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would say $650K ($500K mortgage and $150K down). If you are generally frugal, $700K.[/quote] this is WAY too much. A $600K mortgage on a $165K income would be PAINFUL. Especially if any childcare costs are involved. If the OP had young kids and needs any sort of nanny/full time care, they'll be pinching pennies. [/quote] A [b]500K[/b] mortgage you mean? That's a $3,000 mortgage check monthly, including the taxes and insurance. Give or take. Totally doable on income of $165k.[/quote] I think a 500 K mortgage on $165 K income would be hard with 2 kids, once you account for retirement savings, college savings, before/after care for kids and summer camps. We have that same income and while we do have one child still in full time daycare, our mortgage payment is $2200 and we couldn't pay more than that without reducing retirement and college savings.[/quote]
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