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Am I Buying a House?

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  • #16
    That is a big reduction in salary. Are you both employed and both going part time? Are one of you going to stop completely?

    Kids? Are they launching soon?

    I would consider keeping the income up for the first 1-2 years back until you have a better idea what your expenses will be. New house, HCOLA, if reducing work more spent on hobbies/travel, it might be more then you think.

    Also we are at market highs. Not asking you to time the market but people feel richer at market highs then they really are and you might regret cutting your income at market lows.


    • #17
      Longevity is more important than earnings in a short career, but I'd want to pay off the new house before cutting down to half time or less. You could stay full time in your current low cost of living location for 1-3 years more, or at least stay at 75% time in the new HCOL place until you pay off the $550K house.


      • #18
        Lordosis and Hank, I appreciate the input and need to seriously consider working more and taking less of a salary drop. There is a balance between time freedom and pay. No kids, so no issue there. Based on the input, I may also aim for a higher FI number and larger cushion. My hobbies are outdoors and cheap, but it's good to consider possibly spending more money later.

        I'm not sure how I feel about paying off the mortgage early. I guess my timeline for continuing to work should determine how aggressively I pay off the mortgage.


        • #19
          Perhaps I'm missing something, but a $440k 30f mortgage is what... PI of $1900/month, $2500 with TI?

          Doesn't seem crazy - the fellow has to live somewhere, and has a pile saved up already.