Reply to Making 150k with mortgage of 550k?

Forum Index » Money and Finances

Reply to "Making 150k with mortgage of 550k?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I wouldn't do it.  150K is your gross, right?  What would be your monthly mortgage + tax + insurance?

What are your other expenses?  Would you be able to save some $ every month, including retirement and maybe college?

You may end up being house rich, cash poor.

Our HHI is about $155K gross, and our mortgage is $240K.  Mortgage + tax + ins is probably around $2000/mo.  We max out on 401K, so net take home is about $7800 or so.

We have 2 kids, no childcare expenses, no car payments, no other loans.  Our monthly expenses can easily be around $7500/mo without living too frugally.   That doesn't leave much wiggle room.

Luckily, I'm working PT, so the extra income goes to extra things like vacations.  But before I went back to work PT, we were living pretty much paycheck to paycheck.  The only reason we weren't stressed about it is because we have savings for at least 6mo of expenses.[/quote]

Do you live in the DC area? 550k doesn't really get your a "rich house" and 240K doesn't get you shit unless you bought in 1990[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics