Reply to 7K Mortgage on a HHI of 500k

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our HHI is $460K (includes bonus), there is absolutely no way in hell we would want to do a $7K mortgage, even though I'm sure we would qualify.  We max out our 401K, we have one kid out of college and one at community college. No really big expenses besides one car payment. Our mortgage is around $5K (includes taxes and insurance).

Life is expensive and it's only getting more and more expensive. The thought of that $7K albatross around my neck for the next 30 years....no thank you.  [/quote]

What do you spend your money on that 2k a month is going to derail your life; particularly at your age? With a nearly 500k HHI and only a 5K PITI, even after maxing both 401ks you should have more than enough money to save, live and spend more on housing.

You are on the tail end of parenting, your costs should dramatically decrease..[/quote]

Yeah, this is honestly confusing.  You make $460k/year, have no major expenses aside from one car payment, and you can't afford $7k/month? What are you spending that money on?  [/quote]

They said they want kids.  A nanny/daycare is easily 3-5k per month.  Then there is preschool.  The 460k may include bonuses.  If their take home is around 20k, I can see how they want to at least give it some serious thought. If you’re UMC it’s easy to spend 7-8k a month on saving in 529s and childcare expenses.

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