We have 1.2M on 300K and it's perfectly comfortable. Could we retire earlier with a smaller mortgage? Sure, but we don't want to be totally cramped and miserable in our home.

$6M networth. $1.5M income.

Anonymous wrote:It’s really hard to read these threads where people like OP act like they are middle class and can’t afford a million dollar house. 600k??? Give me an effing break. You don’t have the vaguest idea of what it is like to not be able to afford something.

Understandable sentiment, but I don’t think that’s fair to OP, who didn’t claim to be middle class or even despair about not being able to afford anything acceptable. He/she just said they wouldn’t be comfortable with that large a payment. There is nothing immoral about being conservative with your money.

Anonymous wrote:$1.5m with 20% down at 3.5% interest should be under $7k/month, or $84k/year. Even at $300k HHI that's still less than 1/3 of your gross income. Understandable if that still makes you uncomfortable but you're competing against a lot of buyers who will stretch themselves much further to make things work.

We have really unstable salaries (self employed)

We are both trusties so just ... used our money to buy.

$1.5m with 20% down at 3.5% interest should be under $7k/month, or $84k/year. Even at $300k HHI that's still less than 1/3 of your gross income. Understandable if that still makes you uncomfortable but you're competing against a lot of buyers who will stretch themselves much further to make things work.

Anonymous wrote:I'm curious about people buying homes for $1.5 mil and up.. are you buying based on really high salaries or equity rolled from previous homes? We have a $400-600k+ salary but wouldn't consider that enough for that mortgage.

Are you for real, asking such a stupid question?

It’s really hard to read these threads where people like OP act like they are middle class and can’t afford a million dollar house. 600k??? Give me an effing break. You don’t have the vaguest idea of what it is like to not be able to afford something.

We have mortgages for about $1 million on 400K/year.

We had both when we bought our newest home, but we didn't need the equity to make the purchase.

We're in the 500K and we used equity from our prior homes. The first one we bought with family help.

$400-$600k is certainly enough to afford a $1.5mm home, assuming you have been making that long enough to afford a down payment and a cushion for after the purchase.

Salaries. You can definitely afford $1.5m on $600k.

We wouldn't have been able to do it on salaries alone. Equity from our prior house plus a gift from family.

I'm curious about people buying homes for $1.5 mil and up.. are you buying based on really high salaries or equity rolled from previous homes? We have a $400-600k+ salary but wouldn't consider that enough for that mortgage.