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Reply to "Buying $1.5 million home - can we afford it?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]we have in income of $375K and have a combined mortgage payment of about $750K on two houses. We max 2 401ks plus save about $80k additional per year. In terms of expenses we pay about $20K a year in child-related expenses. We don't have many of the bigger expenses that others in our income bracket do (no housecleaning service, no yard guy, one paid-off car, no student loan payments). But perhaps these figures can help you with your own. [/quote] Please posted a detailed budget. I'm fascinated how the numbers add up.[/quote] NP here and I could see this. $375K - $36K = $339 gross. Assume 40% goes to taxes so they're left with $203.4K. Subtract out $80K for savings leaves them with $123.4K. PITI on the two houses is probably about $3.6K total or $43.2K per year leaving them with $80.2K - $20K for child-related expenses = $60.2K for everything else or about $5K per month. I could easily live pretty large on $5K per month for everything else.[/quote]
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