Evaluating Mortgage Affordability with High Income and Substantial Down Payment

Mortgage
1

Financial Scenario Analysis

I’m considering a significant home purchase and want to assess the financial feasibility. Here are the key details of my current financial situation:

  • Monthly mortgage (including taxes, HOA, insurance): $5,000
  • Annual salary: $175,000
  • Available savings: $125,000
  • Planned down payment: $250,000
  • Property value: $800,000
  • Annual property taxes: $14,000

Potential Benefits

  • Located in top school district
  • Elimination of private school tuition expenses
  • Approximately $1,200 monthly buffer after all expenses

Seeking Advice

I’m looking for insights on whether this mortgage commitment is financially prudent or if it might stretch my budget too thin. Would this be a wise financial decision considering my income and current savings?

2

Wow, those numbers look solid! Curious about the specific neighborhood and school district details. Your income seems robust, and that down payment is super impressive. What’s driving your home choice? Seems like you’ve done serious homework :house_with_garden:

3

ur numbers look rly good! seems like u got ur financials on point. with ur income n that sweet down payment, this looks like a smart move. jst make sure u keep some cash for emergencies n unexpected stuff :+1::house::moneybag: