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Reply to "Moving up to a bigger house: Is it possible?"
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[quote=Anonymous][quote=Anonymous]You really should talk to a financial planner. That house price seems high relative to your HHI and savings. You realize that your mortgage would increase quite a bit if you purchase a $900K house. And don't forget to factor in closing costs.[/quote] OP said their mortgage balance is 400k. If they sell for 700k then that leaves maybe 250k or so after closing costs to put down on a 900k house, which is more than 20% down. I think a 650k mortgage could be a bit of a stretch on their budget, but they mentioned having some extra cash that maybe they can put down to lower their monthly payment. For this area, this is unfortunately not an unreasonable amount to spend on housing. Of course this depends on what their other debt is like and whether they have childcare costs.[/quote]
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