‘I Keep Going Back And Forth’

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A couple currently pays $4,200 for their mortgage each month, and they were set to continue making those payments. However, that plan is up in limbo now that the wife wants to be a stay-at-home mom. The wife only went this route after she was laid off, and it turns out she loves spending extra time with her kids.

The husband said in a Reddit post that she is willing to work part-time and sacrifice vacations, investing, and eating out. They can continue making the monthly payments, but they will become house poor.

However, the couple is thinking about downsizing and buying a cheaper house with a payment that’s closer to $2,000 per month. Even renting is on the table for the couple.

“I keep going back and forth,” the husband told Reddit.

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Although the husband provided details about the house and having two kids, he didn’t offer any information about his annual income. This is a critical metric people need before they can offer tailored suggestions for the husband.

“You don’t say what your annual income is, your age, or your current financial position,” the top commenter said. “Without understanding that, we can’t really give you any sort of an answer. $4,200 could be a lot or a little.”

One commenter speculated that the husband knows that it’s not possible to keep the house. This commenter believes the husband is withholding certain information so people “say what he wants to hear.”

The couple also made a bunch of upgrades to the home over the past two years, which can increase its sentimental value.

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Downsizing from a $4,200 per month mortgage payment to a $2,000 mortgage payment would save the couple a lot of money. Having an extra $2,200 per month, plus saving money on property taxes, can go a long way in keeping the wife at home with the kids.

However, some Redditors questioned the feasibility of this plan.

“If you [calculate] what $2,000 per month buys you right now, it isn’t much in any major city/suburb,” one commenter said.

High interest rates and rising housing prices limit the amount of houses that the couple can buy and wind up with a $2,000 monthly mortgage payment. Those houses may not be large enough for a family with two children.

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Although some Redditors discussed some ideas and ways the housing market has changed, another Redditor went right to the point.

“To be completely blunt, it sounds like you made a poor financial decision and now have to live with that choice,” the commenter said. “You bought more home than you could afford given any lifestyle changes, a common mistake, but a mistake nonetheless.”

One Redditor responded to the comment, suggesting that they either downsize and eat the loss or the wife goes back to work. However, if the wife returns to work, chances are childcare costs will eat into most of her earnings.

The husband admitted that they bought the house at the top end of their budget back when they both had full-time jobs and before they had kids. Now, it comes down to how much the wife wants to be a stay-at-home mom.

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This article Couple Can’t Decide Between Downsizing Or Making $4,200 Monthly Mortgage Payments: ‘I Keep Going Back And Forth’ originally appeared on Benzinga.com