What would be a responsible mortgage in this case?

[phantom]

It definitely sounds like you're making a reasonable decision. I think you'll be able to handle a 240k 30 year mortgage on 120k a year without much trouble if you have to. But, with the 30 year mortgage, I would still suggest committing to making the payments that put you on a 7 or 15 year pace and aggressively attacking that goal as long as you can. You really don't want to still have a mortgage at 70.

It's a shame that your sister in law is pushing you to make the same decision she did. You sound like you've figured out your priorities, so I think you're making the right decision. Her choice of where to live is probably perfectly fine for her, but its obviously not what you want.

[Ant81]

I think the question you should ask yourself is, how of my lifetime earnings am I willing to give up for mortgage interest payments?

We all know that houses are not a great investment anymore, so how much are you willing to give up for a confortable home.

I wouldn't get a loan that I couldn't pay off in the next 10-15 years.

[scfr]

It's a big decision. Congratulations on settling on a number that makes sense for you.

If your husband won't go for a 15-year mortgage, have you thought about one of a less-common length? For example, 22 years? You can customize the length and may be able to get a lower interest rate with a shorter term.

Good luck with the house search.

[~bs]

Very good point!

I did not catch the age when I posted - that would change my answer. I think I'd personally tap out at a $200k-$250k mortgage, simply because wife is so much younger. 15 year loan, indeed. Maybe 20 years. I would not do a 30-year loan.

Remember that most times, it's possible to do a 30 year loan, but make extra payments monthly, which could shorten the period down to 15 years, if that's what you desire. If your husband is unwilling to do a 15 year, weigh this proposal before him. In tougher times, you can pay the minimum mort. payment, but in better times, add more money to your payments to shorten the life of the loan.

[syracusa]

Remember that most times, it's possible to do a 30 year loan, but make extra payments monthly, which could shorten the period down to 15 years, if that's what you desire. If your husband is unwilling to do a 15 year, weigh this proposal before him. In tougher times, you can pay the minimum mort. payment, but in better times, add more money to your payments to shorten the life of the loan.

Yes, this is what we intend to do. We would do a 30 year loan but would definitely not take 30 years to pay it off.