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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is your income after a 401k contribution, and if so how much? And how much emergency fund do you have? And are any of your kids in paid child care or private school?[/quote] OP again - yes, income is after 401k contributions (we each contribute 5%, and get a 5% match), and DW is a fed who will qualify for a pension. We are done with paid child care, kids are in public school, and will attend in-state public college.[/quote] It seems like you are saving far too little for retirement (I know you didn’t ask for advice about that, but I would much rather max 401ks and live in a less expensive house for the money you’re putting out). Assuming you are under the newer system I can’t imagine your DW’s pension is substantial. But, what’s done is done and you’ll find a way to make it work. [/quote] I'm a 15 and my pension will be 40K. It's plenty without a mortgage. [/quote]
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