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][quote=Anonymous][quote=Anonymous]OP - I posted something similar a while back ($850K home on $300K income) and let me tell ya, I got HAMMERED here and it made me very anxious/stressed out.  After the initial panic, I calmed down and re-ran the numbers.  My very detailed spreadsheet didn't lie.

6 months later, we're doing just fine...

Plan for the worst. Have a back/up plan.  Live your life!  [/quote]

Same here. We bought 1M on 250K income a couple years ago. I should've just trusted my stupid little excel spreadsheet, but I needed external validation. So I posted here. MISTAKE. While this place is great entertainment when your kid's soccer practice is running long; it isn't great financial advice.

2 years later; our income are slightly higher, but not that much (inflation + couple percent). But our financial situation is way better. We bought a house we liked; we locked in payments and started making longer term plans. Heck, we even refinanced; knocking 600/mo off our payments. We kept the course in terms of retirement and college. I get the sense that folks that post here don't fully understand how interest rates work and that the 3x rules they used, were meant for an era with 10% interest rates.[/quote]

What is your take home and monthly payment for these numbers? Just curious[/quote]

I opened the spreadsheet out of curiosity. So apparently our income was 260K then (not 250) and our take home was 154K after max HSA+401K+Tax+Medical+insurance. year 1 PITI was 44K. I think 110K/year after tax is more than enough to live on. We did a nanny share that year for 30K, that did take a bite; but 80K after-childcare isn't terrible.

[/quote]

Ah so your downpayment was more than 20% I'm assuming? I think with a 20% down on a 800k place with 2.5% rates is around 3400-3500 a month. [/quote]

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