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Reply to "Making 150k with mortgage of 550k?"
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[quote=Anonymous]OP here- Our Gross Take home pay is 12,500. We have been putting 2,000 a month away in retirement, so it is hard to calculate net because we are going to no longer put so much in retirement and switch to putting the money into a house. Our current rent is 2150 a month. Afterschool care is 900 a month (we will be saving 500 dollars a month going from daycare to aftercare this school year for the youngest). We don't need summer care because of family in the area watch our kids. The Mortgage will be 2700 a month, with taxes and insurance just under 3500 a month. It would be safer to continue renting but we feel if we are ever going to own a house this is the time. We aren't willing to buy a starter house further out and commute. We can envision growing old in this house. We will have 50,000 left in an emergency fund once we purchase the house. [/quote]
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