Reply to At what point would a $6000 monthly mortgage make sense?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I really don't understand where everyone spends all their money. I'm the poster with the $6.5K mtg payment on a normal income and it is fine.  I pay about $3K/month to principal, which is damn nice. 
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I'm with you. We pay $7.3K a month in order to prepay the house before our kids go to college, and we are not at all considered rich by the DCUM's standards. And we have more than enough money left for everything else. I also don't understand what the high-income people are doing with their money. They are probably obsessed with saving $10-20M so their "rich" status can finally be approved by DCUM.[/quote]

yep.  You have to realize that incomes normally go up (depending on your age and the career).  Inflation happens if nothing else.  All while your mtg payment is mostly fixed - taxes will go up but that should be manageable.  i.e., if your income is $200K now, just at 3% increases a year, it will be $245K at the end of 6 years.  $281K at 5% annual raises.  So for me, I figured it might be a bit tight for 3-4 years (it really was not), but things would be much more manageable soon.  And I definitely didn't want to spend $100K+ to move again in 5-6 years.[/quote]

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