Reply to Am I crazy for thinking that we could afford this?

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[quote=Anonymous]You need to be absolutely, positively, 100% sure that you won't have to pay for childcare to even consider this plan--with chld #1 and any other kids you might have.

We have a $500k mortgage at 3.5% (monthly PMI of about $3100) and an income of $250K and this allows us to live a comfortable lifestyle-- rent a summer beach house, eat out on occasion, pay for preschool, save for retirement, save some for college, buy clothing as needed at places like the Gap/Jcrew (on sale), etc.  A very nice lifetstyle where we never worry about money-day-to-day but we have to budget for larger purchases like new furniture.  On $160K and a mortgage of that size you'll probably be spending what you make each month.  Kids are expensive--even with free childcare.

I think the best advice is to figure out how much exactly your mortgage will be and live a few months with that amount set aside each month (if it's greater than your current rent).   AND make sure to check and double check about the childcare for kid #1 and beyond.  That will completely change everything because it can be thousands per month. [/quote]

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