Anonymous
05/20/2023 17:58
Subject: Finances with big mortgage
Another DCUM humble brag.
Anonymous
05/20/2023 17:42
Subject: Finances with big mortgage
I mean, you are rich. Just do what you do. you’ll be fine, or your inlaws will bail younout.
Neexttt…
Neexttt…
Anonymous
05/20/2023 17:08
Subject: Re:Finances with big mortgage
Anonymous wrote:Should never have bought a house with that large of a mortgage on your income.
Your take-home is likely ~$300K after taxes. But your mortgage is $84K---does that even include insurance and property taxes?
I disagree. Selling a home and rebuying is incredibly expensive. Look at what has happened to interest rates.
We are in our forever house now but I regret not stretching more with our starter house. We would have had more equity.
As long as OP can still save for retirement, pay the bills and maintain the house I don’t think it’s a problem.
You even admit they have $220k left to live on. That is plenty especially with the nanny paid for by parents! Why would they not be able to live off even only 100k after the mortgage and no other debt?
Anonymous
05/20/2023 16:57
Subject: Finances with big mortgage
We are at a similar HHI and net approximately $20k/month with 2 extra pay periods. After $7k mortgage, you have $13k/mo remaining. Is that not enough? Even if you allocate $6k for childcare, that’s still 7k/mo for basic living expenses.
Anonymous
05/20/2023 16:14
Subject: Re:Finances with big mortgage
Should never have bought a house with that large of a mortgage on your income.
Your take-home is likely ~$300K after taxes. But your mortgage is $84K---does that even include insurance and property taxes?
Your take-home is likely ~$300K after taxes. But your mortgage is $84K---does that even include insurance and property taxes?
Anonymous
05/20/2023 16:03
Subject: Finances with big mortgage
Grandparents who are funding the nanny now can probably afford funding private school and college funds after the nanny years are over.
Anonymous
05/20/2023 15:41
Subject: Finances with big mortgage
Anonymous wrote:OP
Wow you suck at math
Sell it now how dumb
On a 2.5 property if you have a $7000 mortgage per month you are stupid who does this signed owner of more than one home worth more than yours
Sounds like the mortgage was about 1.9 which is still a lot
Anonymous
05/20/2023 15:40
Subject: Finances with big mortgage
OP
Wow you suck at math
Sell it now how dumb
On a 2.5 property if you have a $7000 mortgage per month you are stupid who does this signed owner of more than one home worth more than yours
Wow you suck at math
Sell it now how dumb
On a 2.5 property if you have a $7000 mortgage per month you are stupid who does this signed owner of more than one home worth more than yours
Anonymous
05/20/2023 15:36
Subject: Finances with big mortgage
Anonymous wrote:We bought a new home last year and have a 7k/month payment for the house. We have one kid in preschool and another on the way. Our HHI is 400k and will go up to 5, maybe 6 in a few years but not immediately.
We have no other debt. About 600k in equity in the house via the down payment. 401ks combined have about 500k. We are both 35.
My concern is that there’s not tons left over after the mortgage to allocate toward the new baby once they’re born.
Grandparents will probably fund a nanny to help us out. We discussed this with them before deciding to get pregnant. Any recommendations on improving our financial situation?
You bought a $2.5M house on a $400k HHI?
Anonymous
05/20/2023 15:34
Subject: Finances with big mortgage
Anonymous wrote:We bought a new home last year and have a 7k/month payment for the house. We have one kid in preschool and another on the way. Our HHI is 400k and will go up to 5, maybe 6 in a few years but not immediately.
We have no other debt. About 600k in equity in the house via the down payment. 401ks combined have about 500k. We are both 35.
My concern is that there’s not tons left over after the mortgage to allocate toward the new baby once they’re born.
Grandparents will probably fund a nanny to help us out. We discussed this with them before deciding to get pregnant. Any recommendations on improving our financial situation?
You didn’t think this through before buying?
Anonymous
05/20/2023 15:29
Subject: Finances with big mortgage
Honestly, you have a spending problem at that HHI. We have a similar HHI at $440k and mortgage payment across two houses and still save $110k outside of retirement. We have three kids in elementary and middle school with expensive activities, summer camps and after school care.
Anonymous
05/20/2023 15:28
Subject: Finances with big mortgage
You lay low, pay your mortgage and save for retirement.
If your parents pay for the nanny don’t understand what the problem is?
Our salaries are 475k and our nanny is 4k and mortgage is 6k. It stinks but we don’t have any other debt and we earn a good 200k in bonuses we dedicate to savings, vacations, home repairs etc
If your parents pay for the nanny don’t understand what the problem is?
Our salaries are 475k and our nanny is 4k and mortgage is 6k. It stinks but we don’t have any other debt and we earn a good 200k in bonuses we dedicate to savings, vacations, home repairs etc
Anonymous
05/20/2023 15:22
Subject: Finances with big mortgage
If you’re familiar with rates right now, selling doesn’t make sense financially.
Anonymous
05/20/2023 15:21
Subject: Finances with big mortgage
Sell the house and get a cheaper house.
Anonymous
05/20/2023 15:18
Subject: Finances with big mortgage
We bought a new home last year and have a 7k/month payment for the house. We have one kid in preschool and another on the way. Our HHI is 400k and will go up to 5, maybe 6 in a few years but not immediately.
We have no other debt. About 600k in equity in the house via the down payment. 401ks combined have about 500k. We are both 35.
My concern is that there’s not tons left over after the mortgage to allocate toward the new baby once they’re born.
Grandparents will probably fund a nanny to help us out. We discussed this with them before deciding to get pregnant. Any recommendations on improving our financial situation?
We have no other debt. About 600k in equity in the house via the down payment. 401ks combined have about 500k. We are both 35.
My concern is that there’s not tons left over after the mortgage to allocate toward the new baby once they’re born.
Grandparents will probably fund a nanny to help us out. We discussed this with them before deciding to get pregnant. Any recommendations on improving our financial situation?