Not OP. Our net income is $10K a month and our PITI payment is $3600. It actually feels pretty tight, but we do automatically send a fair amount to savings/college.

Anonymous wrote:What is your net take home, OP?

This. People only talk about gross income when trying to justify larger expenses. We make $250k and I would not want $5k going out the door every month on the house. We pay $3500 but it’s a 15 year that will be done when we are 50.

You will be house poor. Also things are only getting more expensive. Our property tax assessment this year is insane. Everything else costs more and I’m so so glad we didn’t stretch when we bought our home.

What is your net take home, OP?

Anonymous wrote:We have a $1.2M mortgage and around $250k HHI (2 kids no private)

Are you maxing out your kids’ 529s and your 401ks each month?

Anonymous wrote:

Anonymous wrote:Our $750 mortgage is $4300. You calculation seems off.

This is the direct PP. Our $950k mortgage is $4,100. 3.1% jumbo 30 year loan.

Sorry - That is just mortgage. PITI is closer to $4900.

Anonymous wrote:Our $750 mortgage is $4300. You calculation seems off.

This is the direct PP. Our $950k mortgage is $4,100. 3.1% jumbo 30 year loan.

We have 950k mortgage on 275k income, 3 kids. House is no longer in DMV and public schools are excellent so it's worth it to us. It's not been a problem to afford the monthly payments for us thus far. That 275k income is base salary for one spouse, though, so we have a lot of potential for other spouse to return to work and also have occasional bonuses we put into retirement and college savings. which were already doing fine before we bought this house....

Our $750 mortgage is $4300. You calculation seems off.

We did $825k at $250 HHI and it was fine. I think your PITI calculation is low though - ours is $4950.

We do something similar. I'd say it is doable and comfortable (for us). But I can see why some people blanch at the math and move to the south.

Anonymous wrote:

Anonymous wrote:We can't tell you that. We don't know your spending habits. My husband and I could not do it, but people more frugal than us could definitely do it. We are considering a $650K mortgage on a $250K salary, FWIW.

2nd this. We make 415 and have a morgage of 2500/month but I spend probably 500/month just at the derm and our groceries are over 2K/month.

$500/month for a dermatologist is insane unless you're already rich. That $500/month compounded at 8% for 40 years becomes $1.75 million. I guarantee I would not be able to pick you out of a lineup with 5 other women who spend $0/month at a dermatologist but generally took care of themselves.

Anonymous wrote:

Anonymous wrote:We can't tell you that. We don't know your spending habits. My husband and I could not do it, but people more frugal than us could definitely do it. We are considering a $650K mortgage on a $250K salary, FWIW.

2nd this. We make 415 and have a morgage of 2500/month but I spend probably 500/month just at the derm and our groceries are over 2K/month.

Same slightly higher income and slightly lower mortgage payment. We are older (early 50’s) and it’s nice to be able to buy whatever we want and still be able to save. When I was younger, I coveted a larger house but I am happy with what I have now (less to take care of) and I’ve fixed it up to my taste (and dh’s to a certain extent lol). It helps that we no longer live in the DC area. It just seems like things could get tight quickly, op, if you have any kind of setback…

Anonymous wrote:We have a $1.2M mortgage and around $250k HHI (2 kids no private)

I’m assuming you have tons in savings/investments

Anonymous wrote:We can't tell you that. We don't know your spending habits. My husband and I could not do it, but people more frugal than us could definitely do it. We are considering a $650K mortgage on a $250K salary, FWIW.

2nd this. We make 415 and have a morgage of 2500/month but I spend probably 500/month just at the derm and our groceries are over 2K/month.