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Reply to "am i insane for considering this? 820k mortgage on a 240k income"
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[quote=Anonymous][quote=Anonymous]240k HHI, very stable jobs but limited upside aside from reg step increases NO DEBT aside from a 500 dollar car payment one child in elementary with no plans for more 980k house minus 160k downpayment (820k mortgage) I think its reasonable, but others have implied that it is a HUGE reach.. what do you guys think? For those that think its reasonable, do you think theres room to stretch more?[/quote] I think it is probably fine, but you really need to do a full up annual budget and consider all costs. Count in money for house repairs, eventual car replacement, plus (obviously) all taxes, insurance utilities, etc. Private school will be out of reach. Will you be able to build up cash savings and retirement savings? How old are you and how much do you have already in retirement. [/quote]
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