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Reply to "How much mortgage can we afford?"
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[quote=Anonymous][quote=Anonymous]When we had student loans from DH's law degree we bought a cheap townhouse in a gentrifying area, and we didn't have any car or consumer loans. We drove an old sedan until the student debt was paid off. 750k is insane. Look for a condo or townhouse where your PITI costs are as close to rent as possible.[/quote] We did the same (except with a cheap car loan on a used car), and it was the right decision. We now have $500-600k in equity in our rowhouse, almost appropriately funded retirement and 529 plans, and less than a year left on student loans. Savings are too low, but we keep our expenses down and have a HELOC (and family money) we could tap into in case of a true emergency. Once student loan payments are gone, that payment amount is going right into retirement savings and not back into our budget. [/quote]
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