$480k HHI ($550k w/ bonus), $350k equity in current home and $150k cash, is a $2mm home unreasonable on these numbers?

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Technically no, but no one needs a $2M house. To me, that's a very poor investment choice.

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Agreed but we aren’t looking at this as an investment (except to the extent we’d be moving to a good neighborhood and school district for our daughter)!

Assume your take home is around $24k a month, 50% will go towards the house. What other monthly expenses you have? And how much are you contributing to retirement savings accounts? It’s doable I guess, but doesn’t seem very wise. My HHI about 2x yours, I would never buy a $2M house because i don’t need it and I don’t want to be house poor. But it’s a personal choice though.

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Yup. CA is stupid but alas it is home. Thanks, appreciate it!

I’m kind of with A1 here. Numbers should shake out fine but, why a 2 million house? NYC? Or just buying massive house?

Not that it’s really our business.

Los Angeles, houses are around $1000/sqft in the area we are looking. 🙁

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Also live in LA and would say that $2M for a home in a good school district is not some crazy luxury. What you are you looking at 2-3,000 sq ft? Plus (though no guarantees), there is a housing shortage and a pretty strong history of rent and price appreciation here.

Good luck. If helpful, generally, I believe in a detailed budgeting approach. Don't just look at current income, etc. Create a simple excel multi-year model. You can easily build in scenarios for childcare / school costs, one spouse no longer working, increasing income, all the things that are possible/likely as life happens. If you look in a fixed mortgage and the house is a long term place for you, your housing costs will also hold still while your income likely increases (assuming both are still working).

OP, can you afford the total house payments with a single income? total = mortgage + insurance + property taxes + HOA + maintenance.

On mine, yes. On my spouse’s, no.

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