Reply to 7K Mortgage on a HHI of 500k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you earn $500k I don't think you need to be getting financial advice from an anonymous message board.

That said, how are you getting a $7k mortgage payment on a $1.2 home (unless you're including taxes and insurance)?  That's just not possible if you're paying 20% down.  If you haven't saved enough for a 20% down payment on your HHI then I'm skeptical you should be making such a large financial commitment.[/quote]

We are putting down 115k or so as we also just paid for a wedding and our honeymoon costs.[/quote]

OP, you are looking for justification of a bad financial decision from strangers. You make $500K a year and do not have enough for a 20% down payment because you just spend money (probably and obscene amount) on a wedding and honeymoon. Now you will borrow more mortgage at the current higher rates and blow money on PMI. Save up the 20% then buy. You do not need a 7k/month yoke around your neck to keep up with your social circle.[/quote]

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