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Did my wife and I make a mistake buying new home?

So my wife and I recently moved into a larger and more expensive home on a 30 year mortgage. The result of this move has led to an increase of $900 between between the new mortgage and more expensive utility payments.

We have $25k put away in an emergency fund which is 6 months of total expenses for us. 401k contributions are at 15% each with the combined balances standing at around $450k (we are both 37). My wifes car is paid off but I have a $400 car loan for 4 more years.

With the new house we are spending 20% of our monthly after tax (and after 401k deductions) take home income on the mortgage + taxes + insurances. After all total bills, day care ($1k per month...ouch), etc we have around $3,500 left over each month. This would be $3,500 to put towards additional savings, vacations, hobbies, etc.

Part of me is kicking myself that we should of stayed in our smaller house where we owed $120k, now we owe $280k with a new 30 year mortgage.

Did my wife and I spent too much on a house?

submitted by /u/SysTech321
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/s94y43/did_my_wife_and_i_make_a_mistake_buying_new_home/
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