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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don’t understand the following and would love insight. I’m a divorced mom of two “stuck” in a house in a school district where I’ve had less than good experiences. I’ve been looking at Kensington (closer to Connecticut), CC, Bethesda for years. From everything I read on here, it seems like my annual income is in alignment with much of the socio-economic demographic who lives in those areas. However, there is no way I could buy a $1.5M house and stay within an affordable monthly mortgage since even an $800K house would be well above $5K/month. Besides people’s parents giving them a down payment, how are others making this work? I pay for everything for the kids so please be kind as I am also trying to reduce my commute now that I have to come to the office more.

Current annual comp: $650K
Monthly gross income: $18-20K
28/36 rule: $5Kish / month mortgage
Current home value: $590K
Remaining mortgage: $470K
Current monthly mortgage: $2800[/quote]

How is your “gross” monthly comp 20k if you make 650k a year?  Even net should be like 30k/month. If so, you can afford more than you think. The 28/36 rule is also about gross, not net comp. [/quote]

In a word, taxes. I’m a partner (lawyer) so I write very big checks to the government quarterly. $20K is the absolute max I can make if I am not maxing out 401(k), which I’d prefer to do as compared to putting that towards a mortgage.[/quote]

If you are paying quarterly taxes you are not W2 and unless you are making a huge contribution to a defined benefit plan you are doing something wrong tax wise to be losing that much to the govt. Talk to a CPA. I make 1/3 what you do and bring home half your after tax income after all deductions as a W2.

Agree with others that you can easily afford a 1.5 house. You have a 35% DP and a huge monthly income.[/quote]

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