Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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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][quote=Anonymous]It amazes me how many people on this board must be terrible with money and waste money on who knows what.  If you are one of those people, then you shouldn't buy that much house with your income.  If you are good with money and don't go crazy spending money you will be fine.  Our HHI is 170K with 2 kids and we just bought a 700K house (550K mortgage, 2,900 PITI).  It is about $500 more per month than our last house, so we are comfortable we can afford it.[/quote]
I totally agree. What do people need so much money to spend on? [b]Our combined gross income is only $150000; we purchased a house for $800000 5 years ago which is paid off now[/b]. [b]We sold our previous house and put a downpayment of $650000. [/b]We have 1 child that goes to public school. We are careful with money and don't spend it on frivolous things like going to Starbucks, nail salons etc.[/quote]

Clearly, the reason you were able to pay off an 800K house in 5 years was not because of your 150K salary so I fail to see how the OP can learn anything from your situation, except that maybe they should have had a much larger downpayment to afford the house they purchased.[/quote]

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