Reply to am i insane for considering this? 820k mortgage on a 240k income

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[quote=Anonymous][quote=Anonymous]I think that’s what a lot of people in that income range are spending these days especially if no student debt. I know a lot of people in the $220-$250k income range with two equal or fairly close to equal incomes, and most are in homes between $750k-just under $1 million. Those that had a lot of home equity from their first home to roll over to the DP on their new home are even higher than that. [/quote]

I agree. so much so that i keep thinking i should also get a 1M$ home, and the truth is i could afford it.

OP: i dont think you are insane, depends what your priorities are. You will see from the breakdown of some other posters with your stat, and criticizing your choice, that they are putting a lot in maxing retirement/529s/ back door IRAs.

You know your budget (or at least you should, if you dont, sign up for a free mint account), look at what that PITI leaves you for your other choices (savings and spending), and you will get your answer. 820K on a 240K is doable, it is not bankruptcy insane with your fed jobs (those who tell you that got their mortgage at a much higher interest rate so their alarm bell goes on at any mortgage above 600k). It just means less of something else. I decided it wasn't worth it for me because i want to fully fund college, do some travel now, not be stressed out by money. but sometimes i wish i did get the $1M house![/quote]

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