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We spent about $1.5M with 20% down and 3% interest rate. It’s doable with double income (wife is a doctor), even without the big law income. We have also been aggressively paying it down and only owe about 500k now, four years after purchasing.
Like 250 and I’m at 600 now.
Mentor
Im doing that rn and the solution is to be in biglaw forever
Same
Coach
1.475M and because I’m a G and know how to set up side streams of income to fall back on.. will buy a business in the next couple of years and probably transition to managing that full time or splitting time between BigLaw and that. My firm pays market but is not AmLaw100 so I have a lot of flexibility
Mentor
Bought $2M with 30% down and have a 2.75% rate on dual income when I was in mid law and spouse was in-house. We’ve kept lifestyle increase in check mostly, so I could go in-house or a smaller firm with roughly $250k in TC with a decrease in savings, assuming my SO’s salary stays constant an we don’t have any significant expense increase. We’ve saved enough that we can cut back on savings and should still be on track for retirement by 55.
Enthusiast
Bought a 1.6m house as a second year, 5% down with no pmi at 5% rate. We aggressively paid off the mortgage, and 3.5 years later, now at 1m. HHI has been around 500k-800k. I plan to be in biglaw for another couple of years, with the goal of reducing the mortgage to 750k. I think 750k is manageable and can maximize tax deductions.
Yes, I was crazy to buy as a second year, but the prices have gone up so much that I can't afford to buy the same house I live in now.
COVID mortgage ruled
But even at today's rates it's doable to get it down to a $3-4k a month mortgage
Pretty much yes.
Yes. Purchased our second home for ~$1.2 with 6.75% rate, 20% down. Had made about $100K from selling our prior home in a very LCOL town (purchased while I was an associate, later moved to government). Otherwise just saved pretty aggressively while in biglaw. I was (and remain) in big fed and spouse is in higher ed. No kids, had already paid off student loans prior to purchasing our first house. We just prioritized saving knowing we were going to buy our forever home in a big city 🤷♀️