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Reply to "Income $176k — how much would you spend on mortgage now?"
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[quote=Anonymous]OP, people on this board are VERY conservative about mortgage payments. Part of the answer will depend on what other savings you already have and how you are currently spending your income. If you're saving a ton each month towards a DP, then saving for a DP or paying a mortgage with it will be easy. If a higher mortgage will require lifestyle changes, you're better of with a lower mortgage. We have a PITI payment of $3,700 on a $130K pre-tax income. Three kids. Its been fine for us. BUT 1) While we're still saving for retirement, we don't NEED to save any more to be fine (we saved a lot early in our careers). 2) We super funded 529s when we were dual income. 3) We have a 6 month emergency fund. 4) we have separate savings that total 5% of the purchase price of our home. On top of this we save 1% of the purchase price each year for home repairs. [/quote]
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