Reply to Can I afford a 1.8M house?

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[quote=Anonymous]I’m going to disagree with PPs. OP is not “loaded” and taking in a 7k/mo mortgage, even with the mother’s contribution (it’s not really rent, it’s wealth transfer assigned as rent, and I’m actually not even sure calling it rent us the most tax advantageous plan, but anyway).

You are dual income. I don’t know how stable your jobs are or what percent of your incomes is a variable bonus, but I would be wary of taking on a mortgage you need both incomes to afford. There are lots of things that can come up with three kids, aging parents, and even your own health as you enter middle age. If one of you lost your job, had to go without your bonus, had to take a leave of absence, you will be looking at dipping into savings or having to make some tough choices around your kids schooling. You don’t want to be in that position.

I would look to limit your housing costs to something you could reasonably afford on one salary with about half your mom’s contribution. That will give you far more financial flexibility. At 40, you nay be stepping up in income sometime this decade, in which case you could feasibly upgrade. But at your current HHI I would not go up to a 7k mortgage yet.[/quote]

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