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How much mortgage relative to gross income

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  • #16
    If the best schools in the state aren’t up to your standards, you have illogical standards. If you want private school for religious reasons, I get that; but if you think your kids are getting anywhere near the nearly million dollar investment you’re making in return, you’re certainly wrong.

    You have the money and you can obviously do what you want with your money, but the fact that you’re even asking this question about a 0.7x mortgage suggests some hesitation on your part about finances.

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    • #17
      Originally posted by EM-CCM MD View Post
      If the best schools in the state aren’t up to your standards, you have illogical standards. If you want private school for religious reasons, I get that; but if you think your kids are getting anywhere near the nearly million dollar investment you’re making in return, you’re certainly wrong.

      You have the money and you can obviously do what you want with your money, but the fact that you’re even asking this question about a 0.7x mortgage suggests some hesitation on your part about finances.
      Thanks to all of you . Some food for thought .

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      • #18
        You could pay for tutoring every day and private coaching lessons for sports and still not pay as much as you're proposing to pay for private school tuition in addition to having the top school district in the entire state. How much better is the private school in a classroom setting than paying one or more of the teachers from said private school to tutor your kid one-on-one as a side gig?

        I suspect that the top public school district even in Mississippi or South Dakota still is pretty decent. If not, wouldn't it make more sense to move to a different state's top school district vs. paying this outlandish amount for private school tuition?

        (I agree with the others above: it's your money, feel free to do with it what you wish. That said, at least acknowledge the cost of the choice and consider the true marginal benefit.)

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        • #19
          Originally posted by Hank View Post
          You could pay for tutoring every day and private coaching lessons for sports and still not pay as much as you're proposing to pay for private school tuition in addition to having the top school district in the entire state. How much better is the private school in a classroom setting than paying one or more of the teachers from said private school to tutor your kid one-on-one as a side gig?

          I suspect that the top public school district even in Mississippi or South Dakota still is pretty decent. If not, wouldn't it make more sense to move to a different state's top school district vs. paying this outlandish amount for private school tuition?

          (I agree with the others above: it's your money, feel free to do with it what you wish. That said, at least acknowledge the cost of the choice and consider the true marginal benefit.)
          Again, I appreciate the comments . As you said and has been discussed in other forum posts, pvt school is a very personal decision . This( pvt school) is something we had not decided in haste . This was the result of discussions over 1 year . I understand the cost involved.

          if I get the opportunity to move to a state with better school , I will certainly consider it.

          but for now, looks like we will continue to stay in the current house and continue pvt school and will reconsider in future.

          I think we are more at peace with a smaller house and pvt schools vs the other way .

          we all think differently and that is the strength of this forum .

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          • #20
            Agreed. Education is critical and the best way to spend money for return. Don't send your kids to a public school you're not comfortable with. Not only are ours in private schools, but we have over the years hired teachers for at home tutoring, spent thousands on one-on-one in person learning centers, online educational academies, and now privately hired college advisors in preparation for application. That competitive advantage can mean all the difference. Never any regrets.

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            • #21
              On the question of affordability, work out your projected cash flows. Mortgage, real estate taxes, insurance, upkeep. Tuition. Retirement savings. College savings. Other expenses. Taxes. If you can account for all those expenses with the more expensive house then you can afford. I would not rely on rules of thumb.

              You seem decided on private school, treat the tuition as a hard cost in your calculations. It is unusual to prioritize private school while planning for state college. But you know your family.

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