Reply to One Million Dollar house...talk me out of it.

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[quote=Anonymous][quote=Anonymous]OP here, this is the game plan

Borrowing 50K out of each of our TSP = 100K + 100K in savings for a 20% down payment. Repay back our TSP once our current home is sold, we're pretty certain we can get   100K-150K out of our house.

NOthing needs to be fixed bc everything appears to be replaced already in teh new home.

Mortgage= 4600/month (includes property tax) which doubles our current mortgage
Forecast bills will be =4350 (includes car payment, insurance, utilities child care etc.; calculated roughly by our current bills*1.5) with no savings and I didn't caculate child care yet for another child but no more than another 1000.

However, I didn't calculate our fun money which we keep in separate accounts, which would be another 2000, instead of spending that, we can probably save that.

If this is an awesome plane, we are putting a bid, so please talk me out of it if this is flawed[/quote]

I would not be comfortable with this budget. Houses can quickly become money pits. You need a big reserve. [/quote]

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