The OP already spends $8,000 a month. How does adding a $550,000 mortgage (or about $3,500 a month), on $281,000 of income, advisable?Say you clear 385k from the sale of your house, and closing costs are 25k on your new house (spitballing here). So you will have 565k cash left to play with. Easily afford to drop 450k toward a million dollar home, making your mortgage 550k on a 300kish income. I see no issue here, maybe some tightness during the transition phases. See if your mortgage provider will allow you to "recast" your mortgage once you sell your current home to reduce the monthly payments without refinancing.
All that said, you are on track to be close to FI in around 5-6 years versus 10-12 years if you make the jump.
Statistics: Posted by mikejuss — Wed Apr 03, 2024 1:16 pm — Replies 10 — Views 371
