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Reply to "am i insane for considering this? 820k mortgage on a 240k income"
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[quote=Anonymous]Ok here are our stats - close, but not exact - 240K income with a 780K loan @ 30 years/2.25% from last Dec (we got a relationship discount since we have 250K in a brokerage account - would be 2.5 otherwise). PI: 2983 Tax: 550 Insurance: 100 PITI: 3600 Take Home: 10.5K/mo (after max 401k and 100% of medical/transport, and some daycare costs). Average budget: Other housing (sinking fund+maintenance/utilities): 470 (we get about 200/mo in SREC offsets by living in DC) Daycare (outside the pre-tax FSA): 700 Other kid stuff+college fund: 800 Car maintenance/insurance/gas (metro/included in payroll): 100 Food: 1200 Shopping: 450 Fun (tickets/vacation/etc): 1600 Extra Brokerage/Donations: 1500 Overall, seems fine. We spend about 20K/year on vacations + entertainment and still save (max 401K+Match+Brokerage) = 90K/year,[/quote]
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