Reply to am i insane for considering this? 820k mortgage on a 240k income

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Eh, we did 800K (1M house with 20% down) on 250K/HHI. Not even an issue financially, we are able to save, pay for daycare, and travel. So we owe money on 3.2x of gross.

I mean we don't need a car (walk/bike/metro) and employers are super generous with retirement matching, so maybe that gave us the leeway? We're 3 years into this now and are feeling pretty good about our choices. Current PITI is 3500.[/quote]

How is a $3500 PITI on an $800k mortgage possible?  What is the breakdown on that (interest rate/taxes/insurance?). Some of these posted PITIs seem super low, and this is coming from someone with a 2.75% mortgage rate. [/quote]

Agree.  According to online calculators, the mortgage payments alone - not counting property taxes or insurance - for 30 year loan of $800k with a 2.5% interest rate is [b]$3,160[/b].  I'd add AT LEAST $1k of property taxes and home insurance on top of that[/quote]

Our mortgage is $820k and our PITI is $4900, but that's property taxes on a $1.6m house, so I imagine a little less would be right. We're at 2.75%.[/quote]

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