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Reply to "am i insane for considering this? 820k mortgage on a 240k income"
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[quote=Anonymous]You can absolutely afford it. We have a 1.4M house (1M+ mortgage) on a 200k solo income. Our monthly bill is $5,700 and we get $2,400 from our basement rental unit. We are out of pocket $3,400/month on an amazing house. Less than we were paying for our rental apartment. Not to mention the house has appreciated 200k I'm the two years we've had it. I'm sure if I had come on here when we were buying people would have called me an idiot but ultimately I know our monthly costs, I knew we could swing the full mortgage if we couldn't find tenants (or just have drastically reduced rent and easily found renters). You know your spending, savings and ultimate financial situation but there are many scenarios in which this is doable. [/quote]
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