Reply to Mortgage Payment on 200K salary?

Forum Index » Money and Finances

Reply to "Mortgage Payment on 200K salary?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Our HHI is about is about $235k.  Daycare expenses are only about $600/month for us right now, but we're about to have #2 and they may go up to about $1,600/month for the next two years.  We have a small student loan payment (less than $200) and no car payment, but we're also thinking of replacing one of our cars in the next year or two.  We max out our 401ks and our take home pay is about $10,000/month.

Our monthly PITI payment is $3,000.  It was higher (around $3,600) when we first bought and I'm so thankful that we've been able to bring it down by refinancing twice.  With another child on the way, I think we're going to have to tighten our belts a little.

It really depends on your comfort level, how secure your incomes are, and how much you want to be saving for other things.  We are certainly comfortable, I would never say we're living paycheck to paycheck or even close to that.  We max out 401ks, put $10k/year into IRAs, invest in a 529 plan and other investments, etc.  We also make one extra mortgage payment each year.  We take vacations and we generally buy the things we need and go out to eat when we feel like it.  So saying all that, it sounds like we're very comfortable.  And we are, but there's still part of me that wishes we were saving more or that the student loans were finally paid off or that we could pay cash for our next car.....  There's always something else you could do with your money besides putting it towards your mortgage!

For example, we just did a lot of work on our house and we have some additional projects we'd like to do in the next year or so.  I think those are going to require us to dip into over savings right at a point when our expenses are increasing (day care).  So despite our "comfort", we're actually going to have a negative cash flow.

Another thing to consider is that your PITI payment is not locked it.  Our tax bill is going up this year and who knows what the future holds in terms of real estate taxes.  Of course, that's a smaller percentage of your payment, but still something to think about.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics