Reply to Would you take a $950k mortgage on 300k salary?

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Reply to "Would you take a $950k mortgage on 300k salary?"

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[quote=Anonymous]No, we bought at 900k with a 700k mortgage at that approximate salary. And we also have a 3.125% mortgage so our monthly payment with insurance and taxes is 4200 and our take home (on 340k) is about 15k, because we are maxing retirement (including over 50 catch up contributions to make up for low earning years in our 30s), college savings, insurance costs, etc. I'd say that we definitely have enough for all kinds of nice things--expensive sleep away camp, some travel, can cover unexpected bills, emergencies--but things would be much tighter if our mortgage was 7k.

I would also wonder what 'extremely stable' jobs really are--even a short period of job loss could happen, or illness, etc. Whatever you do, ensure that you have term life insurance as well. Plus, there are just all kinds of expenses we didn't think about when we bought our house: landscaping and tree removal (a tree fell on our house last year); increased insurance costs; a drainage issue that is going to cost us $$$; general upkeep and repair of systems, etc. We will need a new car in the next few years, and college costs continue to rise.

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