Looking at buying a house for $3M with $1.3M down. Household income is about $800K per year…is this a terrible idea?

funnyuplifting
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How do you make that much and can't do an affordability test by yourself

funnylike

I think one thing to consider is how stable you expect your earning to be? Consulting is a high turnover business so do you have sufficient savings left to be able to cover your mortgage payments plus other expenses and what happens if you take a job in industry?

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How do some folks earn close to a mil and still be this clueless in life? 😂

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Stability of earnings is the only thing to consider but this looks fine to me if you’re based in the GTA.

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How do you generate a household income of $800K in this town?

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Sell my body.

funnylike

So after tax is closer to ~475K? With such a large downpayment i dont think this is a terrible idea at all. I mean people buy 800K condos with post tax income of 100K and do just fine.

I think you’ll be fine…

The mortgage is 2x of your pre-tax income so should be fine. Mine is 3-4x. As others have pointed above, my partner works in a high turnover business so I had to take a more stable job while trying to maximize comp

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