Reply to Would you take a $950k mortgage on 300k salary?

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[quote=Anonymous]No. We have HHI of 300k, and our piti is 3700 going up each year with taxes and higher insurance costs, as well as normal repairs, yard care that I can no longer do myself, usually an appliance or two that needs to be replaced every year.

Also, how much DP do you have? I’m guessing you are looking at homes around 1-1.2 mil? Think hard about the college thing. If you are living in a neighborhood of 1.2 mil houses and good public schools. Your kids’ friends are likely to be going off to private colleges costing more than 125k for 4 years, and your kids might feel resentful if they do work hard and do great in high school but are only allowed to choose CC or state schools. You might plan to cash flow it, but unexpected things happen. Lots of people think their income streams are secure until they aren’t.

I know a lot of amazing kids who got into great schools. Some of them can’t go because of finances. Don’t think that you are going to get a great deal on your kids college because your kid is awesome. Many schools look at DMV families like an ATM and just try to get the most out of them. Even if you land in somewhere in the middle, you will likely need more money for them than you think.

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