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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]Just one small thing to add to this convo... Not having childcare expenses is one thing, but you never know what might come up that you weren't expecting that can be just as expensive. So having a large amount of savings or being prepared to significantly tighten the purse strings is important when you max out your mortgage. Daycare costs have been done for a few years for me but I now find myself paying 2 grand/month in dyslexia therapy for my kid. It will lessen in a few months but there's a maintenance therapy that will continue indefinitely. We can absorb about 75% of the cost with budget adjustments but the rest will come out of savings. We have an almost identical take home pay as OP but a mortgage closer to 500k with a payment just under 3k. [/quote]
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