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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."
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[quote=Anonymous][quote=Anonymous]OP, I'm sure you'll be fine and when you look at it from a monthly income standpoint, it looks like you can make it work. However, a 710K mortgage over 30 years even at a great rate still has you paying quite a bit in interest over the life of the loan. We made the choice when buying a house to set our budget at what we could afford with a 15 year mortgage because the principal is paid down so much faster on a 15 year loan. So much of your payment is going to interest in those first 10 years on a 30 year mortgage. [/quote] That's a different point and interest rates are so low, I''ll gladly spread it over 30 years as opposed to 15. [/quote]
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