My spouse and I currently make around $300K/year collectively, but she is considering a step back at work that would take us down to around $200k/year.
We currently owe 233K on a house valued at around 550K. Currently property tax rate is 2.4%, and our mortgage rate is 4.7%. We’re considering selling our home to move to a home valued between 800-850K. Property taxes would be 1.5%. Current mortgage rates are around 7%.
All other finances aside (we are properly funding retirement plans and have more than enough in emergency savings), would this be a reasonable/sustainable purchase?
We like to travel, eat out, and indulge ourselves occasionally. With that in mind, can we afford this?
original posted by DeniseMcGillicutty to r/personalfinance on Sat, 02 Mar 2024 13:40:09 GMT.