Reply to How Much House Can We Afford? HHI 215K

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[quote=Anonymous][quote=Anonymous]Buying a 700K+ house with only $50K down will be tight.  Even though interest rates are so low, I'd work hard on saving as much as possible now so you can put as much possible down.  Your interest rate will be much higher if you only put down $50K.  [/quote]

+1 so many PPs seem to be missing OP only has $50k for a down payment. Buying at 700 with 50 down leave a 650 mortgage. That's close to a $4k mortgage payment. Add onto that childcare, say for 2 kids and you are up to $6k in fixed expenses before utilities, food, insurance, etc. OP is probably only bringing home $10k and change.

OP, you have to back into your numbers. I would strongly suggest saving aggressively to get a higher down payment until you are expecting. Since you currently do not have debt there is no reason why you can't save at least $3k a month (probably 5 if you really look at your budget). Give it a year or two and you will be in much better shape to buy in the $700k range. [/quote]

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