Reply to Can I afford a 1.8M house?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Dual Income: $450-$475K
2 kids in private school: $70K 
Net worth $3M (excluding $$ for down payment) and kid's 529s will be fully funded by their grandparents - maximum gift contributions.
25% down on a 1.8M house
We're 40.

The mortgage will be $7K/month, but my mother will be living with us and contributing in approximately $2-$2.5K in rent.[/quote]

If you really need to have your mom as a tenant, then YOU CANT AFFORD IT!!
Any more questions?[/quote]

Actually given the apparent generational wealth in the family  (grandparents fully funding 529s), mom paying rent is just another way to transfer wealth without paying gift taxes/potentially less estate taxes....). Second if the only reason for getting more expensive house is to accommodate mom it is reasonable that she contribute to this expense.  If number 2 then it is worth thinking of contingency plans/affordability in case moms health fails and she needs assisted living or some other level of care. Also consider what would happen with loss of one income...

Otherwise 9k a month post tuition and mortgage (counting in 2k of mon‘s contribution) is not house poor and seems like more than  enough to live on (but then that’s basically  my entire gross income so my perspective is skewed by that.)[/quote]

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