Reply to How did you afford your $1M plus home?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are a young couple who took a loss on a previous home and still managed to do it.  [b]Income about $200K/year [/b]but I am home so we don't have those expenses related to childcare.  We used  VA loan (not a lot down) and budget carefully because our [b]$6,000 mortgage [/b]is a huge chunk.  We have no other debts, no car payments, etc and it's doable but tight.  We wanted to buy a house that we will stay in for 10+ years so after a couple years of owning should be able to loosen the budget. If we had used conventional financing we would not have had a big enough downpayment, so i guess for me the answer would be that eh VA loan allowed us to do so.[/quote]

Dang, that is a huge mortgage payment given your HHI.

I don't understand why you would take on so much mortgage, especially after having taken a loss on a previous home.  Is a $1M house really so important?[/quote]

+1   That is insane.  We make a similar HHI and I couldn't imagine paying that much for a mortgage.  I'd have nothing left for retirement, 529, etc...[/quote]

I agree that's insane.  Makes me think, however, about all these posts on DCUM, where posters advocate sending a couple of kids to private school (b/c it is an important priority to them).  Well, sending two kids to private school would equate to about 3k per month, per kid.  So two kids, you've got 6k per month...and then you've got to pay for housing.  Tell me again DCUM, how, exactly do families afford such things?[/quote]

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