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[VA]Would I be crazy to buy a $740k house on $185k salary?

Posted this in another sub, but I'm hoping to get a different perspective from this sub.

Assuming I put 3% down, I'm looking at financing the rest of the purchase ($720k). This comes down to roughly $4k/month. The more I put down... the less the monthly will be and I think I can get it below $4k/month. $4k/month is everything (principle plus interest, PMI, insurance, HOA, and taxes).

I have no debt. I have $150k in retirements and $150k in cash (planning on using $20k for the downpayment and for whatever closing costs would be).

My take home is about $10k per month ($6k in available income every month after $4k for my house), so in a year I would pay $50k towards the house and $70k is everything else (food, entertainment, and savings).

The house checks off a lot of boxes. Similar houses are going between 550k and 670k but I would need to put additional money into remodeling them (most are 20-30 years old) and fixing it to how I want them to be. This is a new construction so I can pick out the finishings exactly how I want to be. In other words, "this is just how much houses are going for around here" lol.

Thanks in advance!

submitted by /u/afnw
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/kmreb2/vawould_i_be_crazy_to_buy_a_740k_house_on_185k/
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