Reply to Mortgage payment on 175 HHI

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[quote=Anonymous][quote=Anonymous]Hi Everyone,

Just wondering if we are over extending ourselves on a home that we are planning to build (9 month build time) in the ideal location for us. Mortgage payment would be $3250 PITI (550k home with 27% down).

Wife and I are 28 and no kids (plan to have kids in the near future) 
Current Total savings - 
Retirement savings - 125k  
Non Retirement savings - 150k

Current Monthly savings -
Retirement Savings - $1500 for me / $1250 wife (includes company match for both) 
Non-Retirement savings - $3500

Expect a upward trajectory in our HHI. Since we are planning on having kids in the near future, there will be childcare expenses (daycare+food+misc) we have to account for. This is my main concern - will we be able to afford our dream home and start a family in this home. Appreciate the help. [/quote]

I think that's too much. That would leave you with less than $2000 in discretionary income, which is going to cut it really close when you have to pay for daycare, save for college, and provide extras for your child. You seem to be doing a great job with saving so why would you blow it on an expensive house? People become wealthy by being prudent.[/quote]

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