Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

Forum Index » Money and Finances

Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]I don't think the OP knows either her household's income, or after tax takeaway. My husband and I make about 25K more than the OP, and we net a little over $11K after taxes, insurance, and retirement. I would've never considered a $800K+ home on our income. Our mortgage is $2K a month less than yours on our recent home purchase (with 20% down).

Either way, everyone has their comfort levels, but I would be uncomfortable with that mortgage. Basically, you will be house poor. I figuring you have another 3K in monthly expenses (food, gas, phones, car/life insurance, streaming subscriptions, cleaning service, internet, maybe a gym membership etc.) Unexpected expenses will come up that will add to your monthly expenses (eventual new car, added utility costs, before/after care, summer camps, or extracirculars for kids, college savings, seasonal clothing) that you don't factor in, and unless they are coming from another source, will further erode your discretionary pot of money. There is little left over for a vacation,  home repairs, etc.  I'd suck it up for a couple years, pay down some of the mortgage, hope the home appreciates and doesn't need any big repairs, then sell and get something more affordable so you don't  have to stretch yourself so thin financially. 
[/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