Reply to At what point would a $6000 monthly mortgage make sense?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We have an HHI of $500k and when I read your post title, but stomach turned.  That's a LOT of money.  And the bank wants it every month.  Our mortgage is $3500 per month and I think that's too much.  I'd try for something that would be doable in case the higher earner lost their job.[/quote]

How does this affect you at tax time?  Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?[/quote]

you are responding to a moron.

but to answer your question:  mtg interest deduction is helpful as it is a big way around the AMT.  but other than that, don't obsess too much over the tax savings - it is better to save the cost of the extra interest than to save the 30% (or so) deduction.[/quote]

I am the poster that asked the question above.  Maybe the idiot that responded misunderstood so let me ask it again.

I want to know by buying a house that is so cheap when taking your high salary into consideration, does that result in you owing substantially?  I have a friend who has a combined HHI of $250K and him and his wife bought a house that was $300K.  They owe a lot of federal taxes every year because they do not have enough mortgage interest to write off.  So the tax person told him to buy a more expensive house because he makes too much money to live in a house so cheap.[/quote]

No, they owe a lot because their withholdings are too low. It looks like their dog is doing their taxes.[/quote]

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