Reply to Overpaying on a house - how are you justifying it?

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[quote=Anonymous]We overpaid, and our mortgage is currently about 41% of our takehome pay. And we're behind on retirement (though we do max) and college savings.

-We love the house and plan to stay here for the next 20 years till retire, if not till we pass or go into a nursing home
-It's a great public school district
-It's a safe neighborhood
-It gives us a lot of space - an office/guest bedroom that we were desperately needing, a finished basement for soon to be teens to hang out.
-It's a SFH so we don't share walls anymore. 
-It (knock on wood) didn't seem to need any major work. It's not new construction, but all major systems and windows are within the past few years. Kitchen isn't brand new, but white wood cabinets and maybe 8 years old, so good enough to last a long time. 
-though we overpaid, we have an emergency fund with some padding in case something does go wrong that we need to fix
-It's in VA so our kids will have great state school options (good since we are behind on college savings)

If you know you're going to be in an area for a long time, I would buy regardless of rates, if it's the right house.  [/quote]

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