-Wife and I are in our late 30's
-2 kids age 1 and 4
-No debt except for current mortgage
-Each have been at our jobs for over 10 years
-Pre-tax household income is 180k
What mortgage range would you consider to be
A) affordable
B) stretching it a bit
C) getting stupid
We're looking to buy a home that we'll likely live in until the kids move out and we retire. Found the perfect house but it's over what our original ceiling is and I'm trying to get different opinions as to where the line is between stretching a bit and getting stupid.
Edit to add...Boston suburbs so things are extremely expensive. Anywhere affordable within a decent commute involves a place with terrible schools.
We have about 118k in savings not including retirement
Sale of our current house will net us about 267k more for down payment.
We will be staying in town with a great school system so will not be paying for school.
-2 kids age 1 and 4
-No debt except for current mortgage
-Each have been at our jobs for over 10 years
-Pre-tax household income is 180k
What mortgage range would you consider to be
A) affordable
B) stretching it a bit
C) getting stupid
We're looking to buy a home that we'll likely live in until the kids move out and we retire. Found the perfect house but it's over what our original ceiling is and I'm trying to get different opinions as to where the line is between stretching a bit and getting stupid.
Edit to add...Boston suburbs so things are extremely expensive. Anywhere affordable within a decent commute involves a place with terrible schools.
We have about 118k in savings not including retirement
Sale of our current house will net us about 267k more for down payment.
We will be staying in town with a great school system so will not be paying for school.