This might be better for the finance forum.

I just want to make sure I understand: You're DP will be $750K and your monthly would still be $5700?

If I'm reading this correctly, my answer is NO. That is a stretch big time. Our HHI is $430K-$450K depending on bonus. Our monthly all in with taxes etc is $5100, and it's comfortable enough for us that we're not struggling, but our income is $200K above what you posted. I wouldn't be able to sleep at night on a take home of $126K, with $68K annually going to my mortgage. No ma'am , don't do it.

Absolutely not. You're 50 and single. That's too much house, too much work, too much mortgage, and too much taxes.

With $3M, you're in a position to be very, very comfortable between now and in retirement. But not if you go blowing a bunch of money on a house you definitely don't need. And especially not some 90-year-old work pit.

Spend $600k on a small house, or townhouse or something.

Anonymous wrote:

Anonymous wrote:If it’s a 600k mortgage, you should be able to afford it. Why would the payment be 5700?

This. Why is your payment so high?

6.4% interest plus $1700/m property taxes

Anonymous wrote:If it’s a 600k mortgage, you should be able to afford it. Why would the payment be 5700?

This. Why is your payment so high?

How much are you depending on the one bedroom rental? Have you ever been a landlord? Do you want that headache?

Nope, I would not do it.

Appreciating these perspectives. What situation or price do people think would be ideal?

Don't do it, OP. It's too much of a stretch. On a 90 year old hours it's inevitable you're going to have significant upkeep, if not in the first few years then definitely in the future. I've also walked away from a house I loved and yes, it was hard emotionally but logistically I am SO proud of myself for making sound financial decisions.

-Fellow single mom

I mean technically yes, but you’re putting so much of your savings and salary into a house. And have you considered the ongoing costs for utilities and maintenance? I have about your stats (albeit with less savings) and also a single mom of a tween, and I wouldn’t do it. Plus you are going to be an empty nester too - do you really want to live in the burbs? Don’t you have other things you want to spend your money on, like travel?

As a single mom I would not take that on. You will be managing lawn workers, maintenance people constantly. It will be a full time hobby. Frankly as a single mom I would get a really fancy townhouse walkable to coffee and a farmers market near my kids school.

The taxes are $1700/m

If it’s a 600k mortgage, you should be able to afford it. Why would the payment be 5700?

How well can you get by on the $4,800 per month once you pay housing costs?

Found my dream house in the suburbs. Price $1.351M plus buyer wants me to cover first $30K of anything found on inspection. It’s 90y old and current residents have been there for 40 years. Has about a half acre; part of the house has a separate entrance and can be turned into a 1BR apt to rent for ~$1500/m tops.
My finances:
50 yo single parent one tween
Income $230K
Net worth $3M all in (retirement, brokerage)
529 $60K of projected $120K cost (ex pays rest)
Currently renting

Can I afford this? Take home pay is about $10500/m after deductions. Would mean DP of about $750K then ~$5700/m plus utilities/maintenance.