Reply to If you bought a house over $1.5 were you able to afford to do so on your salaries or equity?

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Reply to "If you bought a house over $1.5 were you able to afford to do so on your salaries or equity?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$1.5m with 20% down at 3.5% interest should be under $7k/month, or $84k/year.  Even at $300k HHI that's still less than 1/3 of your gross income.  Understandable if that still makes you uncomfortable but you're competing against a lot of buyers who will stretch themselves much further to make things work.[/quote]

That mortgage is an insane amount. We make around 500K, I'm a fed, and we couldn't pull 7K/month without huge sacrifices. We wouldn't be able to save a lot, travel, afford cleaning services and quality food, pay for the kids' tuition etc. [/quote]

Tuition is where you've gone wrong. You're probably spending $7k/month on tuition, when the schools in this area are among the best in the country.[/quote]

Yeah, you’re nuts. If you are paying for private school, that’s the issue. We have a much larger mortgage and less salary, but NO problem affording the lifestyle we want because we pay $0 in childcare/school. [/quote]

DC1 is in med school...[/quote]

LOL[/quote]

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