Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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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 assume OP lives in the DMV and has 2 or 3 kids.  The house was 800k and just where would she get a cheaper house?  They do exist but maybe 100-150k cheaper in north potomac.  The OP obviously looked at what was available and hopefully this house needs no new hvac, roof, grotty bth replcmenet, dilapidated kitchen etc.

All cash flow included the OP if no major house or  car expenses could save 3500/month.  Rent in sea colony west for 1 week in the summer.  
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