1.4 million is not too much for that income. However, before you purchase, I would make sure that you have at least 8-months of living expenses in your savings (in addition to your down payment). For your living expenses that would be: $52,000 + whatever your mortgage payments would be each month (probably an additional $80,000). If you lost your job, you would have to insure that you would be able to afford all of your expenses and mortgage. In that price range it would be a lot harder than a $100,000 home. Obviously it is much more difficult to come up with $10,000 mortgage payment than a $700 mortgage payment. Good luck! Make sure you have your $280,000 down payment + at least $132,000 in an emergency fund.How much should I spend on a house if I make 750k/year?Single,not married,no kids?
If you have no children and you are not married, y are you buying a home that cost you so much money. Buy what you need with a little of what you want sprinkled in there. You can get a great sized home, not a house, for cheaper that will fit you personality and needs. That way you are not spending your life savings on a house. I wish you the best of blessings in this step of your life and congrats.
You could afford $1.4, but would still have a fair sized mortgage. If I were you, I would buy around the $700,000 - $900,000 range (assuming a 30% down payment can be made) and pay off the small mortgage in 2 years. Then, by the time you get married/find a new place/switch careers, the house will have appreciated in value and you'll have no debt or lien to worry about
Marry me.
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