Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Assuming 20% down, salary would need to be 160k+.

+ no other debts or big financial commitments

That would still be a very big mortgage on that salary, assuming grandparents weren't paying for college/providing a trust for retirement. I am not sure if that is what is meant by "big financial commitments."

Take home would be about $9k a month. I don't understand how someone could handle an $800k mortgage PITI. Crazy!

In the mortgage calculator questions it asked for car payment, alimony, credit card payments, other debts. I guess it was referring to the max someone could possibly qualify for, with that salary, assuming all other payments were $0.

I do think that people push it that hard all the time, especially in higher cost of living areas where $1m isn't a particularly nice house, just something big enough for a family in a vaguely decent neighborhood. I think they're betting on appreciation and probably also salary increases over time (to start paying for nice-to-haves like vacations that can be deferred for a few years). I guess that's how they end up in big trouble.

Personally, I agree with you - I wouldn't feel remotely comfortable with those numbers.

We make $230K and have about $350K we could put down - it would be quite easy for us to get a $650K mortgage for the balance.

I'd say $300K

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Assuming 20% down, salary would need to be 160k+.

+ no other debts or big financial commitments

That would still be a very big mortgage on that salary, assuming grandparents weren't paying for college/providing a trust for retirement. I am not sure if that is what is meant by "big financial commitments."

Take home would be about $9k a month. I don't understand how someone could handle an $800k mortgage PITI. Crazy!

Anonymous wrote:

Anonymous wrote:Assuming 20% down, salary would need to be 160k+.

+ no other debts or big financial commitments

That would still be a very big mortgage on that salary, assuming grandparents weren't paying for college/providing a trust for retirement. I am not sure if that is what is meant by "big financial commitments."

Anonymous wrote:Assuming 20% down, salary would need to be 160k+.

+ no other debts or big financial commitments

Assuming 20% down, salary would need to be 160k+.

back when our HHI was $250k we qualified for a $1m loan. I suppose you could make it work on that (but it would be tight with kid(s), particularly if you do daycare). However, HHI is now $350k and I still wouldn't feel comfortable buying a $1m house.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here and I'm surprised. Our HHi is $220k and although we could put 20% down on $1M the payment would be very very tight. But I am also aware that we are conservative spenders.

It's not that, it's what other assets you have that generally make the difference. A lot of people have other investments they can tap into, or family help.

Well we do have significant investments but I wouldn't "tap" them to buy a home I otherwise couldn't afford. I do think these friends make more than $250 based upon their jobs but I was still shocked by the closing price on their house. I'm naive clearly.

You remind me of my friend. Several years ago, I got a job paying about $120k including bonus, and my friend told me: "Oh, will you now be making more than your husband?" My husband makes over $200k, and I don't know why she underestimates his income by so much.

Err... maybe because your husband doesn't disclose his income to others like you did?

I only told her that I broke a $100k mark and will be making lower $100s - and she is a pretty close friend.

We spent 1.2m last year on our house. HHI is around 450K-500K. We put 20% down. Could have gone up to 1.5 but feel happy we didn't.

Ours is about that much, we make around $400-500k per year with $4000 per month daycare/aftercare expenses. We still have plenty of money left to save, go on vacations, etc. sometimes I wonder if we should have bumped up the budget for a new build.

250k zero down on va, less income if they have a larger down payment -real stats from a person in the industry.

Million is nothing now adays, it's entry level housing for most good neighbohoods

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here and I'm surprised. Our HHi is $220k and although we could put 20% down on $1M the payment would be very very tight. But I am also aware that we are conservative spenders.

It's not that, it's what other assets you have that generally make the difference. A lot of people have other investments they can tap into, or family help.

Well we do have significant investments but I wouldn't "tap" them to buy a home I otherwise couldn't afford. I do think these friends make more than $250 based upon their jobs but I was still shocked by the closing price on their house. I'm naive clearly.

You remind me of my friend. Several years ago, I got a job paying about $120k including bonus, and my friend told me: "Oh, will you now be making more than your husband?" My husband makes over $200k, and I don't know why she underestimates his income by so much.

Err... maybe because your husband doesn't disclose his income to others like you did?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here and I'm surprised. Our HHi is $220k and although we could put 20% down on $1M the payment would be very very tight. But I am also aware that we are conservative spenders.

It's not that, it's what other assets you have that generally make the difference. A lot of people have other investments they can tap into, or family help.

Well we do have significant investments but I wouldn't "tap" them to buy a home I otherwise couldn't afford. I do think these friends make more than $250 based upon their jobs but I was still shocked by the closing price on their house. I'm naive clearly.

You remind me of my friend. Several years ago, I got a job paying about $120k including bonus, and my friend told me: "Oh, will you now be making more than your husband?" My husband makes over $200k, and I don't know why she underestimates his income by so much.

~ 300k ish.