No, my math is with 20% down and a 5.5% rate. With HOA, total payment would be around $5300.
Take home pay on $210K at 67% net is $11,725 per month. 67% includes $3000 pre-tax for health care and $15500 pre-tax for 401k. It also includes 7% state tax, 11% effective federal rate or 19% on taxable income (interest deduction helps huge) and full FICA.
This leaves $6425 after house payment. I spend about $2200 on groceries/gas/utilities, leaving $4225. Take out another $1600 for cars/student loans/daycare, then $800 to max out IRA’s. I still have $1825 left over for household and entertainment. Very comfortable for me.
I’d much rather have a $4000 or less mortage to have a bigger downside buffer in the case of income loss.
