Reply to 900k mortgage. 250k HHI.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]double fed

one child in public school, no more kids.

zero debt except for 500 dollar car loan

I know at first glance, this seems crazy, but when i run the monthly budget, it seems pretty doable.

4750 dollar PITI (mortgage payment, prop tax, homeowners insurance) 
20,833 gross monthly income

Back end DTI ends up being roughly 25 percent .  45 percent back end DTI is max that people can get approved for on a conventional loan.

is this reasonable to get the house that i really want?

[/quote]

I don’t know, OP. Our mortgage is about that, but HHI is $800k and we still feel it. [/quote]

+1  Our mortgage is just under $3k on $500k, and I wouldn't do this.  Plus DH is a fed and the first paycheck of this year shows that the 3.1% raise translated to four (4) additional US dollars per pay period, which tells me that our health insurance went up quite a bit.  And property taxes go up another $100/month every year so far.  As dual feds you have stability, but you're also not going to get any pay bumps or bonuses to smooth your way if something comes up and your tight budget takes a hit.[/quote]

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