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]

How? How can maybe $5,000/month mortgage be in any way tight to someone making 800k per year? Even assuming 50% of your income goes to taxes/savings, you’re still bringing home 400k in cash. That is well over 300k left to spend AFTER your mortgage and home maintenance (budgeting generously). What exactly could you possibly be blowing $25,000/month on? I mean, I’m sure I could come up with some things if I had to spend that. But there’s no way the mortgage would even be noticeable with that much spending money leftover. Are you horrible with money management? Or do you think things like 50k/year private school, 15k vacations, 24/7 household staff are necessities that others also have in their budget? I honestly don’t understand how someone with your income could “feel” a 900k mortgage (that is barely the amount of 1 years’ salary when many normal Americans have a mortgage worth double their annual salary and live just fine). [/quote]

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