Reply to Am I crazy for thinking that we could afford this?

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[quote=Anonymous]I echo the others' comments and make sure your parents and in-laws would be willing to watch your kid(s) 5 days per week every day.  My parents helped my siblings with childcare by watching the kids 1 day per week.  That was all they could practically do.

You will likely need new cars in about 5 years.  Or you will start doing a lot of fixes then.  Plan for it.

We have a slightly lower income (about $140K) and bought a $535K house with over $100K down.  Our mortgage is $2800 per month.  We have no car loans or any other debt.  We have 3 kids - no childcare - since our income is a sole income.  We live a fairly no-frills lifestyle.  Trip to the beach once per year, eat out once per week (places like Baja Fresh).  We do maximize my husband's 401K and do the max for IRAs.  We save a small amount for college.

I think you are going to be in a tighter situation, since you are both working, might need childcare, won't have time to shop for bargains, prepare meals froom home, etc.  Your costs will likely be higher than ours.

Do you have other savings besides the $50K downpayment?  Emergency fund?[/quote]

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