Reply to Pls come in if your HHI is 350-400K

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, wouldn't you get better information if you asked people what is their mortgage payment?  Someone could have bought a house for $1M, but made a 50% downpayment, so they're only carrying a $500k mortgage.[/quote]

No, I'm specifically interested in list price. What prices should we be looking at? 500K mortgage would be misleading and would tell me to look at houses in the 500K list price range. Significantly less than I can probably afford. Sounds like, from answers thus far, that between 700-1M is our range. I'd love to hear more responses though. [/quote]

Not really.  If you have a $1M downpayment, go ahead and buy a $2M house with that income.  What you want to think about is not how much the house costs, but what is a comfortable mortgage to carry with that income.  The price of the house will be whatever you can afford with $X downpayment and $X monthly payment.

A good rule of thumb is to make sure that your monthly payment is about 1/3 of your monthly take home pay. We do this and it allows us to have a lot of extra cash for other things/savings left per month.  If you want/need less extra, then up the mortgage that you take.  Never go above 1/2 of your monthly income.  
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