Reply to One Million Dollar house...talk me out of it.

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[quote=Anonymous][quote=Anonymous]My husband and I are falling in love with a home in a very nice neighborhood and a better school district for my sons (1 month and 2 years). While our HHI is 300K, I did the math and it appears that we will still be ok but it'll wipe out our savings and what we normally put into savings every month. Not living paycheck to paycheck but very close. I guess I am trying to convince myself out of love with it so that I can just move on and accept what we have.[/quote]

That is our HHI too (two GS-15s), and we also have two kids, and we have a mortgage half that size. I can't imagine having $2,000 less per month, not to mention having no savings (if you're borrowing that much from TSP, assume that means you're cleaning out your cash). The stress is not worth it.

You don't say what your current house is like, or if you've looked at any cheaper houses, but an economist would tell you to compare the marginal "utility" (happiness) you get out of something to the marginal cost of getting it, compared to something else. So, compared to an $800,000 house, are you really going to feel that it's worth $1,000 a month [i]more[/i] to live in the million dollar home? I personally would have to like something a LOT to spend that much money on it every single month. [/quote]

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