Reply to One Million Dollar house...talk me out of it.

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[quote=Anonymous]We have a very similar HHI to you - we just broke 300K this year.  We also used loans from our 401(k)s to make the downpayment, and then paid ourselves back immediately after our house settled.  (I think it was less than a month.)

Our mortgage is currently 4800/month and daycare is 3000/month.  One car loan, no other debt, and both maxing our 401(k)s.  We save a bit of money in our kids' 529s, and have some extra savings on the side.  We go on one good vacation a year, lots of long weekend trips and trips with families.  Shop mainly at Target/Giant/standard mall stores.

But honestly, it can be tight. We have several things working in our favor, however.  We are soon coming to the end of daycare costs, and we do not have fed jobs and have gotten good raises and bonuses each year, which get funnelled into savings.  We also will be able to drop our mortgage insurance in a year or so, freeing up another $500/month. You will not be getting raises, so you only have the end of daycare to help lighten the load.

Run the numbers, and make sure you are comfortable day in and day out with the implications.  Because without one of you joining the private sector and making more money, you will be stuck with having those payments forever. [/quote]

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