Anonymous
Post 04/09/2014 00:07     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


How does this affect you at tax time? Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?


you are responding to a moron.

but to answer your question: mtg interest deduction is helpful as it is a big way around the AMT. but other than that, don't obsess too much over the tax savings - it is better to save the cost of the extra interest than to save the 30% (or so) deduction.


I am the poster that asked the question above. Maybe the idiot that responded misunderstood so let me ask it again.

I want to know by buying a house that is so cheap when taking your high salary into consideration, does that result in you owing substantially? I have a friend who has a combined HHI of $250K and him and his wife bought a house that was $300K. They owe a lot of federal taxes every year because they do not have enough mortgage interest to write off. So the tax person told him to buy a more expensive house because he makes too much money to live in a house so cheap.


No, they owe a lot because their withholdings are too low. It looks like their dog is doing their taxes.
Anonymous
Post 04/08/2014 13:10     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


How does this affect you at tax time? Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?


you are responding to a moron.

but to answer your question: mtg interest deduction is helpful as it is a big way around the AMT. but other than that, don't obsess too much over the tax savings - it is better to save the cost of the extra interest than to save the 30% (or so) deduction.


...and you are responding like an immature asshat.

It was a legitimate question. Why could you not answer it without the name-calling? Are you 5 years old and incapable or are you just a jerk?

Thanks for the response even thought it didn't answer my question, asshole.


The PP was calling the prior poster a moron, not you. But your question is equally stupid. Normally mortgage interest is 100% deductible, which means you save 30% or so on each dollar - but that means you still spend 70% or so. Didn't the PP that you called an asshole answer that?
Anonymous
Post 04/08/2014 12:47     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


GTFO
Anonymous
Post 04/08/2014 12:40     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


How does this affect you at tax time? Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?


you are responding to a moron.

but to answer your question: mtg interest deduction is helpful as it is a big way around the AMT. but other than that, don't obsess too much over the tax savings - it is better to save the cost of the extra interest than to save the 30% (or so) deduction.


I am the poster that asked the question above. Maybe the idiot that responded misunderstood so let me ask it again.

I want to know by buying a house that is so cheap when taking your high salary into consideration, does that result in you owing substantially? I have a friend who has a combined HHI of $250K and him and his wife bought a house that was $300K. They owe a lot of federal taxes every year because they do not have enough mortgage interest to write off. So the tax person told him to buy a more expensive house because he makes too much money to live in a house so cheap.
Anonymous
Post 04/08/2014 12:36     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


How does this affect you at tax time? Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?


you are responding to a moron.

but to answer your question: mtg interest deduction is helpful as it is a big way around the AMT. but other than that, don't obsess too much over the tax savings - it is better to save the cost of the extra interest than to save the 30% (or so) deduction.


...and you are responding like an immature asshat.

It was a legitimate question. Why could you not answer it without the name-calling? Are you 5 years old and incapable or are you just a jerk?

Thanks for the response even thought it didn't answer my question, asshole.
Anonymous
Post 04/08/2014 11:03     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


How does this affect you at tax time? Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?


you are responding to a moron.

but to answer your question: mtg interest deduction is helpful as it is a big way around the AMT. but other than that, don't obsess too much over the tax savings - it is better to save the cost of the extra interest than to save the 30% (or so) deduction.
Anonymous
Post 04/08/2014 10:38     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:We have an HHI of $500k and when I read your post title, but stomach turned. That's a LOT of money. And the bank wants it every month. Our mortgage is $3500 per month and I think that's too much. I'd try for something that would be doable in case the higher earner lost their job.


How does this affect you at tax time? Since you are not paying a lot of mortgage interest in respect to your combined HHI, is your tax liability substantial?
Anonymous
Post 04/08/2014 10:30     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:90k is below the median


Clueless. DC median is well below 90k at 66k, now all the safe haven suburbs are definitely high median income. So out of touch with reality. Sure there are way too many people making six figures off the government, but most live in the burbs because the messed up public school system only provides solid education in wealthy neighborhoods.

http://quickfacts.census.gov/qfd/states/11000.html

http://blogs.wsj.com/economics/2013/09/19/washington-sees-incomes-soar-as-most-of-u-s-declines/

http://en.wikipedia.org/wiki/List_of_highest-income_counties_in_the_United_States
Anonymous
Post 04/08/2014 09:25     Subject: At what point would a $6000 monthly mortgage make sense?
Agree that you should only take on as much mortgage as you can afford on one salary, unless you have a very significant amount in liquid savings. You're asking for trouble otherwise.
Anonymous
Post 04/08/2014 08:49     Subject: At what point would a $6000 monthly mortgage make sense?
90k is below the median
Anonymous
Post 04/08/2014 07:33     Subject: At what point would a $6000 monthly mortgage make sense?
For me, the mortgage payment has to be doable on one salary (the lower one) for me to be comfortable.
Anonymous
Post 04/07/2014 22:03     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Not the pp but its certainly considered safe in many areas outside of DC and workable here if you're careful. Really if you're able to pay your mortgage, save for retirement and college, and have an emergency fund you're doing fine. The rest is gravy.

+1000
A lot of the posters here seem to be living in an alternate universe.


Well don't we live in the DC area? Why would it matter if 90k a year in Idaho is wealthy?


90k is plenty, even in DC. Need to learn to look at thing from outside your point of view. DC is salary inflated due to all the government workers and companies pandering to the government. But reality is the cost of living is not soo high you need 200k to "survive".

As for a 6k note, I would only do it if I had enough left for retirement and had 6-9 months of cash for mortgage payments in the case things get bad.
Anonymous
Post 04/07/2014 21:27     Subject: Re:At what point would a $6000 monthly mortgage make sense?
At what point would a $6000 monthly mortgage make sense?

..when you don't have to ask the question. If you are asking, you have doubts. Don't do it.
Anonymous
Post 04/07/2014 20:29     Subject: At what point would a $6000 monthly mortgage make sense?
Anonymous wrote:
Anonymous wrote:Wow, I guess some of you think none with one income should ever buy a home! We are duel income but get a grip.


No one with one income should buy a home with a $6,000 mortgage.


Dumbest statement of the day.