Reply to Afford $1.8M on 300K?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I posted earlier in the thread that we bought 1.2 on 300k hhi.
We put down about 30% and had two kids in daycare for 24k per kid a year (posted 12k for some reason). Our mortgage was like 5700 when we first got in the house.  It was tight with daycare. We had a “fund” we had saved up and slowly burnt it down over 3 years to offset the costs when needed.

Fast forward 11 years and mortgage is closer to 6200 (property tax increases from home appreciation).

We are fortunate now that daycare/nanny days are behind us; income has gone up.  BUT in the last 2 years we have replaced  the furnaces and both ac for 25k (house is now 11 years old).

If that would have happened when we first moved in it would have been a hard pill to swallow.  We had cash on hand (like if we lost a job) for emergency and we would have had to hit that or take out a loan for the hvac.  Now we just write a check and, while it sucks, does not impact much financially.

Our net now monthly is around 23k after all the usual insurance, retirement; etc.  our mortgage fits our income much better than it did a decade or so ago.  So if you expect to
Be 400-500k range hhi if you plan for it and have cash on hand after down payment it may be doable.

How come your PITI after 30% on a 1.2 is so high? We put 20% down for a 1.2 with low 2% interest rate, and the PITI is under 5000. Are you in a high tax area?

Fwiw we had an emergency fund of 100k and 50k daycare fund after putting 30% down, and about 60k to put into the house for blinds and all the stuff you need for a new build.[/quote][/quote]

How come your PITI after 30% on a 1.2 is so high? We put 20% down for a 1.2 with low 2% interest rate, and the PITI is under 5000. Are you in a high tax area? [/quote]

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