Reply to If your HHI is 200K, how much house would you buy?

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Reply to "If your HHI is 200K, how much house would you buy?"

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[quote=Anonymous]When people are quoting mortgage amts are they including escrows for taxes and insurance?  Because we have a HHI of about 250k and we pay about $4k/month total and don't have a problem saving (or spending on fun stuff).  Admittedly we don't have childcare expenses, car loan, or student loans though.

I would say 15% with match is the min. I would consider as ok for retirement (not to say you can't spend less, but I wouldn't intentionally spend less).

Also note OP you will get the mortgage interest tax break, which is very handy especially when you first buy.  I think on a 30 year loan. approx. 2/3 or more of your loan payment will be interest the first 5 years, and half will be interest for the first 10 years.  So if you are paying $2000 in principal and interest, then $1200 or more of that will be deductible, so in a 30% tax bracket (combined state and fed), you will be getting a refund now of $360/month (although you can lose some portion of that through phaseouts etc.).[/quote]

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