Since the birth of our baby The Wife and I have been discussing future living arrangments lately.  As often happens her parents (who live about 2.5 hours away) are visiting a lot more since there is someone there more important than The Wife and I (i.e. my cute child).  But we only live in a 2 bedroom place so it has gotten a tad bit tight when they visit for up to 4 or 5 days at a time.

The Wife hates math.  Hates it.  So in one of our discussions she said, I just need the numbers.  So the table below is for her, but everyone gets to share!

Monthly Mortgage Rate According to Size and Rate
4.0%4.5%5%5.5%6%
$250,000$1,193.54$1,266.71$1,342.05$1,419.47$1,498.88
$300,000$1,432.25$1,520.06$1,610.46$1,703.37$1,798.65
$350,000$1,670.95$1,773.40$1,878.88$1,987.26$2,098.43
$400,000$1,909.66$2,026.74$2,147.29$2,271.16$2,398.20
$450,000$2,148.37$2,280.08$2,415.70$2,555.05$2,697.98
$500,000$2,387.08$2,533.43$2,684.11$2,838.95$2,997.75

The amount above is for the mortgage alone and does not include taxes or any other home expenses.  So for example if I bought a $500,000 house and put $100,000 down (20%) then I would have a $400,000 mortgage which is likely to cost me somewhere between $1,900 and $2,400/month.

I am not exactly sure where our “sweet spot” will be.  Our main objective is to keep The Wife working as little as possible without sacrificing her time with our Son.  Living on Long Island being a one income family is near impossible in the areas we want to live, but we can be as close as possible as The Wife is in sales and can work as little or as much as she wants.

Our second objective is our lifestyle. We aren’t paycheck to paycheck right now nor do we want to be just for the sake and comfort of The Wife’s parents.  Notwithstanding the size will eventually effect our sanity, but I think we’ll be gone before that happens.

* All calculations were done using DinkyTown’s Mortgage Calculator