Hi all. I might be losing track of things since paying off my house, but I was curious everyone's thoughts on affordability.
Me 37, Wife 36, 1 child 3 years old, 1 child on the way. My wife wants to upgrade from our 3 bedroom 1.5 bath 1,500 sqft home to a larger home in the same HCOL area (looking like this will be $700-900k)
We were recently approved for a mortgage up to $1 Million assuming 20% down payment.
Me: 186k salary,
Wife: 95k salary
Monthly expense: $8,000 per month spending includes childcare.
maxing both 401ks, HSA, and IRAs
no debt.
Accounts:
HSA $65k
IRAs: $75k
401k: $600k
Savings: $200k
House: ~$425k (paid off)
Thoughts on affordability while not being super frugal to the point that I'm ruining my family's ability to enjoy life?
Me 37, Wife 36, 1 child 3 years old, 1 child on the way. My wife wants to upgrade from our 3 bedroom 1.5 bath 1,500 sqft home to a larger home in the same HCOL area (looking like this will be $700-900k)
We were recently approved for a mortgage up to $1 Million assuming 20% down payment.
Me: 186k salary,
Wife: 95k salary
Monthly expense: $8,000 per month spending includes childcare.
maxing both 401ks, HSA, and IRAs
no debt.
Accounts:
HSA $65k
IRAs: $75k
401k: $600k
Savings: $200k
House: ~$425k (paid off)
Thoughts on affordability while not being super frugal to the point that I'm ruining my family's ability to enjoy life?
Statistics: Posted by thomaspickles — Wed Apr 03, 2024 12:17 pm — Replies 7 — Views 265