Reply to 900k house on 300k income?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Prob fine.  What is your downpayment? [/quote]

Only 10% but that leaves us with a good sized emergency fund.[/quote]

So will you have a second trust to pay down?

I think the big question I'd ask myself is if I could pay the mortgage on one salary.  We are closer to 400k but a large portion is stock and bonus.  Our salaries are probably around 275k.  We don't have any problems paying our mortgage.  [/quote]

Thanks for the response! The 300k is base, not including bonus which can vary wildly from year to year. The emergency fund would be sufficient to live off of for 6 months if we immediately lost our jobs. Do I guess that means we're okay? We're first time buyers so I'm nervous going from our one-bed apt rent to a mortgage.[/quote]

So you're similar to us except we purchased a 700k home.

How much more would the monthly payment be vs your current rent?  We found we actually pay less for our home than we did in rent for our apartment.  We've reduced our taxes by about 1k a month by buying.  So it's effectively less expensive to own vs rent.

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